Power Play: Will global risks derail the market?

Trader on the floor of the New York Stock Exchange.
Lucas Jackson | Reuters
Trader on the floor of the New York Stock Exchange.

The Dow and S&P 500 are on track to post their biggest monthly point gains ever, with the Dow surging nine percent in October. Despite the huge move, investors should still pay attention to global risks.

Federated Investors Equities Chief Investment Officer Steve Auth tells CNBC's "Power Lunch" on Friday China is not falling off a cliff, but the economy has slowed down.

"The outlook in China is the economy soft lands, but they will not build another city in the desert anytime soon," Auth said.

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He is not chasing deep cyclicals such as materials, industrials, energy and commodities.

Michael Cuggino, president and portfolio manager at Permanent Portfolio Funds, is watching central bank policies around the world.

There is "significant and public global central bank pressure on the Fed to wait. Bond market liquidity, we have yet to have [a] major bond market sell-off during the post-2008/Frank-Dodd period," Cuggino said.

Cuggino is still maintaining a strategy of multi-asset class investing.

The Dow, S&P 500 and Nasdaq are all higher during trading.