US Markets

Bull market isn't dead, has a long way to run, says trader

Pro: The bull needs to take a breath

Stocks may have closed lower Thursday, but the bull market is far from dead, trader Ben Willis said.

The Dow Jones industrial average ended nearly half a percent down, snapping a nine-day winning streak.

Willis attributed the down day to the flight of European buyers, who had put their money into U.S. stocks as a safety trade after the U.K. vote to leave the European Union.

"We've got a long way to run but this is a breather that we need, quite frankly," the managing director at Princeton Securities Group told CNBC's "Closing Bell."

That bull run is going to continue because central banks are driving investors into equities, he said.

"As much as we would love to, as equity traders, trade on fundamentals and pure earnings, that is not going to happen for a long, long time," Willis said. "The equity markets are going to be driven by central banks and the continuation of their attempt to unwind — an unprecedented art form if you will."

Anastasia Amoroso, global market strategist at JPMorgan Funds, agrees the market is poised to take a breather.

"What we're pricing in right now are essentially 2017 earnings, and it's not quite 2017 yet so might have gotten a little bit ahead of ourselves here," she told "Closing Bell."

Pro: This is a broad rally

For Chris Hyzy, global wealth and investment management CIO at Bank of America Wealth Management, the mini-melt-up has been justified, since many fears weighing on the market have faded, such as the collapse in oil and fear of recession.

"This is a broad rally," he said, not one where there is a targeted deployment of cash flow from one place to the next.

That's because there will be lower rates for longer, and the attraction of yield in the equity markets is much better on a risk-adjusted return versus fixed income, Hyzy explained.

"For the most part, it's cyclical and it's the hunt for yield. And it will soon be cyclical and the grasp for yield even more," he said.

— CNBC's Kate Rooney contributed to this report.