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Market on track for THIS bullish trend: Strategist

The stock rally that has taken hold over the past week could be a sign that markets are in the midst of a bullish trend, Jason Pride, director of investment strategy at Glenmede Trust, said Friday.

When corrections are accompanied by a growth scare that is ultimately undercut by better-than-expected data, the market tends to find its way back to previous highs within seven months, he said.

"It seems like we're actually a little bit ahead of track based on the market's path so far," Pride told CNBC's "Squawk on the Street."

The S&P 500 is up nearly 5 percent since last Friday, when a disappointing U.S. nonfarm payrolls report was seen raising the prospect that the Federal Reserve would keep interest rates near zero longer than previously expected.

But on Friday, Bank of America chalked up the surge to a short covering rally, pointing to $53 billion in money market inflows and equity redemptions of $4 billion in the last week.

Read MoreThis statistic suggests a 90% chance stocks will fall: BofA

Responding to that note, Pride said it's not surprising to see a falloff in sentiment and an uptick in conservatism after a correction. The Dow Jones industrial average and the S&P 500 touched 52-week closing lows at the end of August and have since retested those levels.

Pride acknowledged comments last week from IMF chief Christine Lagarde that the organization's global growth targets are at risk, as well as an OECD forecast for GDP expansion to slow to 6.5 percent in China, the world's No. 2 economy.

"Our take is, we're still in a growth environment. You definitely have that hit coming through. That magnitude seems about right to us, and investors should be using this as an opportunity to buy in the middle of a longer-term economic expansion," he said.