Strategist Paulsen: Market bottom is not in

A trader works on the floor of the New York Stock Exchange.
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Jim Paulsen, chief investment strategist of Wells Capital Management, believes the stock market sell-off is not over.

"Finding a bottom in the stock market may well be a fool's game, but that does not stop us fools from trying," Paulsen wrote to clients Tuesday.

He added: "In our view, a quick recovery back near all-time highs would leave the stock market with many of the same vulnerabilities that started the correction. Consequently, we would not be surprised if the stock market tests its correction low yet again and perhaps even fails before reaching a final bottom."

Here is why he believes the market is vulnerable…