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Bob Doll: No bear market this year

Broad selloff, but Bob Doll is not scared

Bob Doll of Nuveen says it's not likely stocks are heading into a bear market this year.

He says it's very much like August when the market was nervous that Chinese authorities did not have a grip on policy and markets were reflecting that.

"If a bear market means the market is going down 20 percent, I don't think we're going to be down 20 percent this year. Could we be down? Yes. But I think it's more likely we will be down modestly, " he said.

In August, the sentiment on China was "It doesn't know what it's doing. They're having technical issues around the markets. Their currency is falling. There's the unanticipated devaluation. Commodity prices were going down, and people were concerned they weren't able to control it, and the world would be in a deflationary spiral," said Doll, senior portfolio manager and chief equity strategist at Nuveen.