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November 11, 2022 at 02:21 PM
Crossmark Global Investments CIO Bob Doll suggested Friday that the fourth quarter market rally has further to go, although he said the jury’s out on whether it’s a bear market rally or signals a more meaningful change.
“We have to remember that bear market rallies are vicious. They’re stronger than bull market rallies. I don’t know that we’ve slain the bear yet,” he said on CNBC’s “Squawk on the Street.”
Inflation remains in mid- to high single digits, and it’s unclear how much earnings will come down, whether the economy will shift into a recession and how far the Fed will go with rate hikes, Doll explained.
“Hard for me to say that it’s an all-clear sign,” he said, a day after the S&P 500 marked its largest one-day percentage gain in more than two years on lower-than-expected inflation data.
As a portfolio manager, Doll said he has been slowly adding cyclical holding, while letting go of more defensive stocks like HMOs: “The question is do I need to quicken that pace? The jury’s out.”
