Bob Doll: This bull market isn't over

Nuveen Asset Management strategist Bob Doll doesn't see the bull market ending anytime soon. In fact, Doll says Wednesday's wild trading session showed signs of the market hitting a bottom.

"This will take some time to sort out, but I do not think the bull market is over," he said.

Investors might not want to jump back in just yet, Doll told CNBC's "Squawk Box" on Thursday. The market showed encouraging signs during its violent price swings Wednesday, but a lot has to happen before the selling ends, he added.

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"Yesterday we got our first whiff of panic, give-up selling on the opening," Doll said. "We had the nice move up. We tested and went to a lower low on less vengeance, less vehemence, less volume. That's the beginning of a sign that we're going to make a bottom."

Before the markets reach rock bottom, oil prices must stabilize, Treasury yields must rise and inflation must pick up, Doll added. Those three factors would make him feel more optimistic, he said, acknowledging that it was a "long list for Christmas."

"This is going to take a little more time," Doll added. "I don't know that it's going to take a whole lot more price."