Market strategist Byron Wien says the stock market is in the process of bottoming, and it will perform more strongly by year end.
"I don't know what's going to happen over the next month," said Wien during an appearance on "Squawk Box." "You are in a period now where the market is overshooting on the downside. I do think we're in a bottoming area, at least in terms of a potential rally."
"I think the market will do better later on in the summer. We may go back to test, but I think by the end of the year, the market will be performing more strongly than it is now," he said.
Wien, Pequot Capital chief investment officer, said the markets are rife with negativism: "The investment environment is filled with despair. That's where we are right now, and that's usually where we are at the bottom."