When talking heads on mainstream news networks are using phrases such as "the worst is yet to come next year", that is a clear indication that a new financial crisis has arrived.  And that is an extremely bold statement to make considering that this is already the worst quarter for the stock market in 10 years, this is the worst December for stock prices since 1931, and we just experienced the worst Christmas Eve that Wall Street has ever seen.  So when Mark Jolley made the following statement during a recent guest appearance on CNBC, it definitely raised some eyebrows…

"I would love to be more optimistic but i just don't see too many positives out there. I think the worst is yet to come next year, we're still in the first half of a global equity bear market with more to come next year," Mark Jolley, global strategist at CCB International Securities, told CNBC's "Squawk Box."

At this point last year, nobody on Wall Street was talking like this.

In fact, nobody was talking like this even four or five months ago.

But after three extremely painful months the outlook has completely changed, and a lot of market participants are really starting to freak out.