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Power Play: 5 reasons to be bullish right now

Tourists pose in front of the iconic Wall Street Bull near the New York Stock Exchange.
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Tourists pose in front of the iconic Wall Street Bull near the New York Stock Exchange.

Stocks give up gains after minutes from the last Fed meeting indicated a June interest rate hike is likely if the economy continues to show improvement.

But Hennessy Funds Portfolio Manager and Chief Investment Officer Neil Hennessy tells CNBC's "Power Lunch" on Wednesday the bull market is not over.

Read MoreDow, S&P struggle for gains after Fed minutes; financials briefly up 1.5%

"Valuations are reasonable, growth is slow but still growing approximately 2.4 percent, gas prices are down, which translates into free cash flow for the consumer, and there are over 5 million job openings in the United States, " Hennessy said.

Another positive sign for Hennessy is market sentiment. "There is no euphoria in the market place on either the greed or fear side," Hennessy said.

These are all telling him the market is headed higher.

The Dow and S&P 500 are lower during trading, while the Nasdaq is up slightly.