“I think we might probe lower before we get the absolute bottom in this correction,” BlackRock’s chief equity strategist said on “The Kudlow Report.” “We’ve not seen the high for the year in my judgment. The fundamentals are still not great.”
Doll said that long-term investors are still “anti-stocks.”
The best bet is a balanced portfolio with slow growth, he said.
Energy was Doll’s favorite cyclical sector, with health care as a defensive play.
“I think from here it’s more of a grind,” he said.
Doll also said he did not expect the Federal Reserve to resort to additional quantitative easing.
“QE is for emergencies,” he said, and the economy was no longer in dire straits.
Asked by host Larry Kudlow how the markets were factoring in the presidential election, Doll said daily economic news played more of a role — capital markets, employment figures, Europe’s economy, China’s growth.
“We’ll worry about the election in the second half, most likely after Labor Day,” he said.
"The Kudlow Report" airs weeknights at 7 p.m. ET.
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