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.
"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.