Investor Peter Boockvar believes the stock market's wild swings are evidence of a bear market.
Boockvar recently told CNBC that the recent monster rallies do not signal the bulls are back. He noted bull market moves are more methodical.
"We are in a bear market, and a bear market is not just going to end in a couple of months considering the ten years of a bull market," the chief investment officer at Bleakley Advisory Group said Thursday on "Futures Now."
Boockvar, also a CNBC contributor, acknowledged the market has been grossly oversold. He thinks stocks have been due for a rip-roaring rally that could extend into January.
However, he remains on recession watch due to Federal Reserve policy.
"Recessions happen like night follows day," Boockvar said. "Typically, recessions happen when the Fed tightens policy. And, I just find it hard to believe that we're not going to go into another recession."
He has little faith that the Fed will pull off a soft landing after an era of easy money.
"The question in 2019 is: let's say things get better. Markets recover. The economy is OK. We have a [trade] deal with China," he said. "Does that mean Powell is back in the game, and he wants to raise two more times?"
Boockvar's answer: yes.
"If he is data dependent and the data gets better, well, then he'll continue to raise," Boockvar warned.