Bob Iaccino of RWH Financial, told CNBC’s “Squawk Box” that he believes the market rally will continue despite rising bond yields.

“As of yesterday, the S&P 500 is up 6.9% on the year,” Iaccino said Thursday. “The 10-year (bond) at 5.25%. You don’t want to see the 10-year yield approach the gain on the S&P at the six-month point. I think it’s going to break out up. But having said that, we’ve still got four or five months left of the whole ‘Sell in May, go away’ conundrum. You have to be a little worried about the way the S&P has been trading.”

As for today's data on producer prices, Iaccino says, not all inflation numbers are created equal.

“I don’t care about PPI any more,” Iaccino said. He thinks the consumer price index matters more to investors.

"We’re obviously looking at inflation data because once again we’re talking about rates," Iaccino said. "The three major asset classes that people invest in – stocks, bonds and cash – are all affected by interest rates more strongly than almost anything else. I think yesterday’s rally will continue today.”