There is "more wood to chop" in this recession to confirm the bottom, says Jason Bottenfield. He discusses what's next for the Fed's rate hike plan. He notes that the Fed will need to signal a hold in rate increases, and we are not there yet. He then goes over how the U.S. economy needs to see more layoffs to fully feel the "wealth effect." He also mentions that investors should stay away from international stocks in today's market. Tune in to find out more about the stock market today.