"Macro news, earnings news and financial shocks are going to be worse than expected and that's why I believe this is still a bear market rally. There will be a light at the end of the tunnel somewhere down the line, later rather than sooner. I am more a realist than a pessimist. I'll be the first one to call for the bottom of this economic contraction, recovery of the market when I see a sustained economic and therefore financial recovery."

http://www.cnbc.com/id/30100747