Stock market bottom checklist says there's still a way to go - Oppenheimer
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Stocks are currently in a cyclical bear market in an overall secular bull market, according to Oppenheimer.
"This road map leads us to expect a 20% decline over a 7- to 9-month period that retraces 38% of the prior 2020-2022 advance. This suggests downside risk (for the S&P (SP500) (NYSEARCA:SPY) to) 3,800 by Q3â22," technical analyst Ari Wald wrote in a note. "The main pushback is whether the market is entering a new secular regime, similar to the 1970s and early 2000s."
But only one of the ten items on Oppenheimer's market bottom checklist has been achieved so far: the VIX (VIX) moving above 35. (See graphic below.)
Oppenheimer added seven names to its OPCO Trifecta list. The three criteria a fundamental Outperform rating, "screens positively in our trend work" and is supported by top-down portfolio tailwinds.
The stocks are McDonald's (MCD), Dollar General (DG), Wesco International (WCC), Albemarle (ALB), Box (BOX), T-Mobile (TMUS) and Cigna (CI). 
All were added for trend reasons.
Dig deeper into increases in market volatility.