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Bullish on China growth not stocks

Investors observe stock market at a stock exchange corporation on April 17, 2015 in Jiujiang, Jiangxi province of China.
ChinaFotoPress | Getty Images
Investors observe stock market at a stock exchange corporation on April 17, 2015 in Jiujiang, Jiangxi province of China.

The latest read on the Chinese economy may show it is still losing steam but according to SAFANAD Chief Strategist, John Rutledge, the PBOC easing over the weekend has given another jolt of power to the incredible run the Shanghai and Shenzhen markets have been on.

"I am a bit more bullish on China growth than others, but I don't like the stock market," Rutledge told CNBC's Power Lunch Wednesday.

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Rutledge says the increases have gone much too far for his taste so he's choosing to watch this one from afar.

According to Rutledge the only way prices make sense at this level is if the PBOC goes all in for a Fed/BOJ/BOE style QE program. If that doesn't happen Rutledge says "this (China) is a bubble that will pop sooner rather than later.