Jim Rogers fears the worst is yet to come for the market -- but he's still optimistic, in ways that may surprise. The commodities trader and author joined "Closing Bell" to share his insights on perils and opportunities.
Rogers, who penned investment books including Hot Commodities, told CNBC's Maria Bartiromo that yesterday's "3% or so" change in the market was not a true correction: "Normally, we have a 5%, 10%, 20% correction" -- and he declares that the U.S. market is "overdue" for one.
Why? The trader pointed to weak "housing starts, auto sales," along with margin debt "at an all-time high." To those, he adds the "gigantic amounts of liquidity in the system," all signs that -- he claims -- indicate a big correction will happen in the not-too-distant future.
Rogers boasts viewpoints that many call contrarian: he says the trouble in the subprime lending segment can, in fact, damage the greater lending industry, as "80% of all subprime loans were made" in the past three or four years.