The earnings case for stocks remains intact, equity strategist Adam Parker said Wednesday.
"I'm focused on the corporate earnings," he said. "I think that generally you're going see earnings grow year over year, and I don't think the S&P really ever goes down 10 percent unless people are afraid of that."
On CNBC's "Halftime Report," Parker, who is a managing director of Morgan Stanley, likened the recent market action to a winning long-term bet that worked despite short-term evidence to the contrary.
"If you made the greatest short trade of all time in March of 2000 and you shorted the Nasdaq … and you held it, just stuck to your conviction all the way until October 2002, in the greatest 30-month high-conviction short ever, you made 77 percent," he said.