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The stock market will eventually bounce back, but there are no signs of it yet as fear still dominates market talk, Blackrock Vice Chairman Robert Doll said on CNBC Friday.
"I think no one knows where the bottom is" and the market hasn't yet seen the kind of trading that indicates capitulation, Doll told "Squawk Box."
"Believe it or not we still haven't seen that explosion of volume to indicate the exhaustion in selling pressure," he said.
"Often you see double, triple normal volume and we've just not seen that kind of capitulation yet," Doll added.
But the market is like a "coiled spring" and eventually will bounce back, he said.
(Watch the full interview with Robert Doll on CNBC above).
"We will get a powerful rally at some point, but we just don't know from what level," Doll said.
In anticipation of that rally, Doll is selling some of the high-quality assets in his portfolio and buying some stocks that have been hit the hardest.
"You don't want all quality in your portfolio for that bounce," he said.
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