David Tice Thinks Market Will Make New Lows (BEARX)

David Tice of the Federated Prudent Bear Fund (BEARX) sees major trouble for the market from these levels.

His fund was up more than 100% from the market peak through September of 2008, but the fund has been down 14% this year versus the S&P 500's 20% gain.

Amazingly he stated on a Yahoo! Finance web cast that "We don't think this market will bottom until we get to book value, which is about 3100 on the Dow." This is extreme and would represent close to a 70% decline from current levels.

Mr. Tice thinks all the same problems that were present during the past several years remain, and are simply temporarily hidden. He thinks once investors realize this the market will correct hard.

As he states these dire predictions the DOW is within 20 points of breaking 10,000.