Stocks were down Friday. However, on Thursday, the S&P had its 26th record close this year.
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Burt White, chief investment officer at LPL Financial, believes the current valuations do not mean the end of the bull market.
"The real key is going to be earnings growth," he said. "Our forecast is that you are going to get earnings growth in the 5 to10 percent range. And if you get that, then that could cause the stock market to rise 5, 6, 8 percent with really no real increase in valuations."
On top of that, he said revenue growth has been surprising this year. That means CEOs will start to open their wallets.
"I think it's going to be business spending that is going to be the catalyst for the rest of this bull cycle," White said.
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As for the threat of rising interest rates hurting the market, Lutts isn't concerned.
"I think you could get interest rates to go up 200 basis points before there's real competition for equities," he said.
Recent global instability hasn't rattled the market, nor has Federal Reserve Chair Janet Yellen's remark that valuations are stretched, he noted. Instead, the market hits new highs.
"That tells you there's buying power in this market," Lutts said. "So I think the path of least resistance will continue to be up."
—By CNBC's Michelle Fox