Bull market has put fears behind it: Ed Yardeni

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Yardeni's bull case for stocks   

After recent stock selloffs, the market appears to have regained its bullish trend, strategist Ed Yardeni said Thursday.

"It was not too long ago, a week ago, where this market was experiencing another one of these panic attacks. This has been a bull market that's had lots of panic attacks, and when the world doesn't come to an end, we have these enormous relief rallies," he said. "And that's still the characteristic of this bull market."

Stocks posted gains Thursday on strong quarterly earnings from such companies as Caterpillar and General Motors.

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The end of the Federal Reserve's quantitative easing was already priced into the market, Yardeni said on CNBC's "Halftime Report,"

"It's really not news anymore, … and the market knows rate hikes are coming next year," said Yardeni, president and chief investment strategist of Yardeni Research.

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Citing lower crude oil prices and strong corporate earnings, Yardeni added: "Fundamentally, we're in good shape. And so, I think the fears about Ebola, the fears about Germany going into recession, the fears that the dollar was going to depress earnings, they all seem to be behind us already."

Crude oil prices weren't a reason to worry when viewed against a backdrop of historically high rail car shipments and an increase in the American Trucking Association's trucking index, Yardeni added.

"I think everybody got spooked by the drop in commodity prices recently, and I think they're starting to show some sign of stability, and the global economy is not going into recession," he said.

Asked if he was ready to call a bottom in the recent stock market selloff," Yardeni said: "I think so."