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Power Play: What China & India are telling us

Chinese worker making blankets for export at a factory in Yiwu, Zhejiang, China.
AFP | Getty Images

The Nasdaq clawing back to 5,000 again during trading on Monday.

It's a level we have not seen in about 15 years and this has some people worried we may be at a market top, but one veteran market strategist tells CNBC's "Power Lunch" stocks are not overvalued.

To get a better gauge of market direction, Zachary Karabell, head of global strategy at Envestnet, suggests taking a look at consumer spending in China and India.

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"As long as it's on a significant upswing, that will tell you about a lot of industries and where global interest rates are headed," Karabell said.

He believes the China story is much more positive than a slowdown in GDP would suggest.

The Shanghai Composite and Sensex higher during trading on Monday.