gary kaltbaum, kaltbaum capital management also a fox news contributor. i will talk to you first, gary. we're turning page on calendar but not on market action. we were expecting something different today. i'm not sure why. you however, told your investors, your clients we ain't out of the woods yet, beware. what did you see that others didn't and what is behind all this volatility? >> well, we think that the bear market, that started 13 months ago with commodities. then average stock and faming and district drives. transports in march. semiconductors in may. advance-decline started to do get crushed. all that happened here was major indices caught up. what you have very simply right now it is a worldwide bear market which makes it that much worse. if it was just a couple of countries, okay, but now it is everywhere. that tells me we're in a bear market territory. all rallies should be sold. there is more to go. we can sit here to say it is china, this, that and other thing, i'm a big believer, it doesn't look in the rear view mirror. it looks what headlig

gary kaltbaum is good at this stuff.nother good good at this stuff, wonder why he is not running for president. scott mcnealy. former microsoft ceo and icon. he is not in any race but knows what is behind buck men and women. what -- businessmen and business women. can you guess? next. : . neil: all right, you might have heard there's a big debate tomorrow night, and all eyes and probably knives on donald trump. 75 days or so after announcing, how is it donald trump maintains the number one status in the polls? my crackpot theory on trump's success is the fact he speaks his mind, but more often than not it's the fact she more technologically savvy than you know. anyone who says anything bad about him, within a mano second, a nanosecond he's responding. that's because his eyes and tentacles are everywhere, and doesn't scott mcnealy know, the sun microsystems technology titan, et al. i think that's his big success. he keeps track of everything, and has the technology to boot. >> and it's not polls anymore. polls don't matte

gary kaltbaum, you know, he is very negative on market but thinks stocks are going lower. if you have 10 years to retirement stop listening to me. it doesn't matter. take a breath. make sure you don't get caught in market volatility and get a price you didn't want. you can't be sure how stocks will finish out the week. you can't be sure how stocks will open tomorrow. you have to stay there for the long haul. make sure your investment allocation is on target. best way to protect yourself. cheryl: gerri willis you know this stuff inside and out. you written books on this topic. people should be listening to you. >> thank you, cheryl. cheryl: gerri willis. talk about another bank, morgan stanley. here is what morgan stanley done. cut 12 month outlook on s&p more than 3%. this is due to expectations of higher inflation and a rate hike by the fed. we've been talking about it, no buzzer intended. is this a sign of more trouble to come? let's bring in our bull and our bear. joining me, jason rotman, president of lido aisle advisors. and jason, i know you're a bear we talked befor

point view wealth management and gary kaltbaum, kaltbaum management also a fox news contributor. good to see you. gary, get your notes every day. keep them coming. i love them. look at a chart of last big ditch. i talk about the worst dip where it went from 14,000 in 2007, down to about seven thousand a couple years eightlater. is that what we're looking at? by the way look at that chart is talking about. a couple of upticks. goes down 2,000 points. goes up about a thousand. goes down again a thousand. goes up and a precipitous drop. that is what harry dent is talking about. are we in for redo of that? >> david wall street is littered for people calling for crashes since the beginning of time. so you have to be careful about that. the fact is we are in a bear market for stocks. i do believe we're going lower. my biggest issue, harry dent probably sees same thing i am, there is still massive amount of leverage and march bin in the system. that has to come up. that creates dislocations. i do believe we can go lower over time. i suspect when the bear market is over, double what we lo