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It's a very 'schizophrenic' stock market, says this strategist—and here's why

We're in a very "schizophrenic" market, strategist Bob Doll said Thursday.

"I mean look at the last two trading days: [Tuesday], a lot of euphoria; yesterday, 'Oh my goodness, the world's going to end,'" Nuveen Asset Management's chief equity strategist and senior portfolio manager told CNBC's "Worldwide Exchange."

In order for the market to go higher, Doll said earnings need to rebound, which he expects will happen in the second half of the year.

"For earnings to go up, we need the dollar to behave, that is, to not go back up and oil to behave, meaning not going back down," he said, adding the manufacturing side of the economy also needs to show more strength.

"That's asking a lot," Doll said, "and I think we'll get some of that and some better earnings in the second half, but I'm not going to put all of my money on black on that one."

Despite some disappointing earnings, the rally has been a product of less bad news out of China and the Federal Reserve, he said.

As for oil, Doll said the commodity can remain at the relatively low price where it stands now. It just needs to stay in a somewhat stable trading range, he said. "I think we'd be just fine and the benefits of lower oil for the consumer would come to the fore."