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Bill Miller: Conditions for a bad market don’t exist

With the Dow and S&P enjoying a bit of a bump this week, noted stock picker Bill Miller said he believes the bulls will be running hard for the foreseeable future.

"The conditions for a bad market just don't exist," Miller said Wednesday on CNBC's "Closing Bell." "I think after this correction you can throw a dart at the market and about anything you hit is gonna go up the next six months."

Miller is the former chairman of asset managing firm Legg Mason Capital.

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For every stock falling, more than two rose on the New York Stock Exchange on Wednesday.

The S&P 500 rose 20.22 points, or 1.1 percent, on Wednesday. The Dow climbed 181 points, or 1.1 percent, and the Nasdaq composite gained 70.91 points, or 1.7 percent.

Earnings for S&P 500 companies are forecast to have gained 1 percent from last year's first quarter, according to Thomson Reuters data. The projection is down sharply from the start of the year, when profit growth was estimated at 6.5 percent.

Reuters contributed to this report.

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