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Stock 'bubble' has three missing elements: Bob Doll

Signs of a bubble in the stock market haven't yet materialized, Bob Doll of Nuveen Asset Management said Monday.

"A bubble consists of ... overvaluation, overownership and overleverage, and I don't think we have any of those three in the equity market," he said. "The bubble talk's been going on now a couple of months, and the market's up eight weeks in a row, right in the face of those who've used the word 'bubble.' "

Stocks ended the day lower after posting an eight-week bull run.

(Read more: Stocks end lower after 8-week run higher)


On CNBC's "Fast Money," Doll, Nuveen's chief equity strategist, added a small caveat.

"That doesn't mean that some things aren't extended, [that] we won't have pullbacks, but to me a bubble means if it bursts I'm going down 40 or 50 percent," he said. "I think the probability of that is very low."

Investors should be looking forward to 2014 instead of trying to catch up in December, Doll said.

(Read more: Stacking up retail's big weekend: Peter Dixon)

"My view is it's too late to play this year," he said. "I would be setting up for next year, and I think we will get modestly more economic and earnings growth both here in the U.S. and globally in '14 than we saw in '13."

Doll said he expects better economic performance in the coming year.

So "I want to lean into the cyclicals a little bit more—some industrial stocks, selected technology," he said. "I wouldn't give up on select consumer names, as well, leading into that somewhat better economic growth."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

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