The market closed sharply lower Tuesday, but veteran strategist John Manley said he still wants to own U.S. stocks because he doesn't believe this is the top of the cycle.
"This would be the weakest top I've ever saw in my life if we are. We're just getting unemployment down to reasonably acceptable levels. There's no vigor. There's no sign of pricing power," Manley, chief equity strategist at Wells Fargo Funds management, said in an interview with "Closing Bell."
Meanwhile, earnings haven't been blockbuster. While the majority of companies that have reported so far have beat expectations, those expectations were significantly lowered. Many names also missed revenue expectations.
However, Manley, who has more than 30 years of investment experience, isn't concerned. He thinks that if the market gets a sense that this is as bad as it gets, or close to it, it will look out six to nine months and see better comparisons.
In the meantime, the Federal Reserve's zero-interest rate policy is "like a big Mae West on the stock market," he said.
"I still think the Fed keeps us afloat until the earning get better," he said. "I think earnings go up before interest rates go up, and that means I still want to own U.S. stocks."