Adviser sees 'drawn-out' rout before stocks recover

STORY: All three major U.S. stock indexes seesawed on Thursday before settling into a steep sell-off which put the S&P 500 within striking distance of the closing level that would confirm it entered a bear market after reaching its all-time high on January 3.

"When we have a bubble burst like we've had most recently, there usually is a drawn-out period of time of a rout before we see a recovery," said Gilbert.

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