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Ouch. Not the most encouraging news at the midway point of the year.
"Longer term we’re looking at a market that is a bear market," Carter told "Squawk Box Europe."
While we can expect a rally over the next three to five weeks, this is a downward spiral that is not going away any time soon, he said.
"A trend is a trend until it ends, and we’re actually looking for the Dow to take out 10,000 by the end of the year," he added.
There are too few sectors holding the markets up, and too many dragging it down, to consider getting back into non-recession-proof sectors, according to Carter.
"A large percentage [of sectors], like financials, are getting hammered. A lot of the darlings of the past are going to get taken out back and get shot," he said.
