the stock market still has much further to fall and is unlikely to find its footing again until the federal reserve stops tightening policy according to guggenheim global chief investment officer scott minerd minerd who has previously predicted a  summer of pain  for the market said on cnbcs  squawk box  that he expects stocks to be an afterthought for the central bank while it focuses on inflation the fed has basically told us theyre on autopilot until they think theyve crushed inflation they dont care about the market minerd said at the world economic forum in davos switzerland minerd added that it is quite likely the s  p 500 can drop to 40 below its alltime high but if that decline happens in a way that isnt orderly then the fed could step in on friday the s  p 500 briefly traded more than 20 below its alltime high before closing 19 off the mark minerd compared the feds rate hikes and the economy as vehicles driving toward each other at different speeds and said guggenheim believes the fed will soon enter restrictive policy territory i think theyre going to just overdo it he said of the central bank one area of the market that is already down more than 20 is technology which began its decline last december minerd said that those stocks may look like smart buys now based on historical valuations but they are unlikely to bounce back soon markets typically dont value when theyre fairly valued markets tend to overshoot minerd said the veteran investor pointed to the cboe volatility index which was trading near 29 on monday as a sign that the market was not near a bottom yet that measure needs to be well above 40 to signal real panic and the final wave of selling minerd said