. >> so here is the question are we headed to a bear market earlier today on halftime report, jeffrey dunlap had a warning for the markets. >> people like the definition of 20% down, but that is very arbitrary. i've been around for over 35 year there is this business as s kind of how you lead into it and how sentiment changes. and i think we've had pretty much all of the variables that characterize a bear market >> and so from the price action, i've been around for a little more than 20 years and i've seen two bear markets the one in 2002, the bottom in 2002 really in october of 2002, was pretty bad it was long and every rally got sold tlrm some there were some amazing rallies in it. '08 was response to a major crisis and so two important differences. could we bang around and get ourselves back to 2000 in the s&p over the next year without a crisis yeah, that would feel a lot like a bear market. and i think that could be a healthy thing after we've had a ten year bull market >> i don't think that the mar get is treating the current environment and think of all the disparate but important fac