veteran strategist david roche warned the recent volatility could be pointing toward a bear market rather than a temporary speed bump in a continued bull run what were in the process of seeing is not a minor interruption in a bull market but perhaps a turning point towards a bear market roche president and global strategist at independent strategy told cnbcs street signs asia on monday he explained that all the good factors that drove economies during the pandemic such as government financing of both household and corporate balance sheets are set to be slowly withdrawn meanwhile supply side disruptions in labor markets means that worker incomes are not going to replace the money that previously came from public authorities the former global strategist and head of research at morgan stanley added so because this is so important with what drove financial markets excess money chasing insufficient assets i would say were about a quarter of the way through the education of the punters roche said