Still expecting further downside from here: Strategist

David Lafferty from Natixis Investment Managers says the markets are at the front end of a bottoming process. While earnings keep deteriorating, the multiples are starting to hold up as markets look beyond first half of the year with expectations of a gradual recovery. He also argues that what is more important than the passage of the $2 trillion stimulus plan is the mechanics of how the plan will be implemented.