Stock Pain Continues: Bear Market Arrives

"There are of course oil prices, and you also have falling real estate prices and because of them you are seeing falling home equity now that it has been turned off, people are spending less," he said. "Food prices are going up. Rising food prices eats into consumer discretionary spending. Unemployment has been going up rapidly. There are just a lot of very negative things happening in the moment. Doesn't mean that it's not going to get better."

Larson warned that investors must look beyond the short-term market.

"There will be no economic apocalypse," he said. "I wouldn't compare our current situation to 1930."

All eyes on Wall Street are now looking at the June employment figures being released tomorrow.

"Some of the leading indicators show that employment is quite weak," Larson said. "I wouldn't be surprised if we saw a continued decline."

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