Despite some analyst calls that markets bottomed in November last year, investors should not get too euphoric, as stocks have still a way to go lower, experts tell CNBC.

We Aren't At the Lows Yet

According to the charts, November was not the low for the U.S. markets, says Daryl Guppy, CEO of Guppytraders.com. And Michael Yoshikami, founder, president & chief investment strategist at YCMNET Advisors agrees.

Tech, Pharma, Biotech Next to Fall

"This is a fractured credit market. The biggest threat in fractured credit markets is technology gets crushed because it's a big cash burner on RND, so is pharma, so is biotech. All of these things will become a big problem," Richard Morrish, head of research at MIG Investments. "Equity markets have still got a long way to go on the downside. We haven't yet got to the real bottom end."

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Don't Get Euphoric Too Soon

Don't get euphoric too soon, advises Michael Yoshikami, founder, president & chief investment strategist at YCMNET Advisors. He also reveals his investment strategy for 2009.

Continue to Exercise Caution

One has to be very cautious when buying into a recovery as there are still shoes to drop in the U.S. economy, says Michael Yoshikami, founder, president & chief investment strategist at YCMNET Advisors.

A Painful Year Ahead for Asia

The 2009 growth outlook for most of Asia Pacific will likely be quite poor, says James McCormack, MD & head of sovereign ratings at Fitch Ratings.

HK Market May See a Short-Term Rally

Even though Steve Tse, research manager at BEA Union Investment Management expects the Hong Kong market to close lower today, he tells CNBC that he sees a short-term rally in January.

Expect a US Recovery by H2 of 2009

The U.S. economy may begin to show signs of recovery in the second-half of 2009, believes Ilian Mihov, professor of economics at INSEAD. He outlines the signs that will point to a turn in the economy.

"Stable" Outlook for China

James McCormack, MD & head of sovereign ratings at Fitch Ratings has maintained a "stable" outlook for China, the Philippines and Indonesia.