Why strategist Bob Doll isn't worried about the election's impact on the market

Stocks may be negatively reacting as Donald Trump's prospects improve, but strategist Bob Doll said he isn't really concerned about the election's impact on the market.

That's because while the popular vote is reasonably close, he thinks Hillary Clinton has the Electoral College "pretty much wrapped up."

Polls show the race tightening between Trump and Clinton, but NBC's latest battleground map shows states likely to vote for Clinton and those leaning toward the Democratic nominee total 274 electoral votes. That slightly surpasses the 270 electoral votes needed to win the White House.

Those narrowing polls are to blame for the market selling off, Doll said.

"The market isn't saying, 'I like Hillary and I don't like Donald.' It's saying, 'I like certainty. I don't like uncertainty,' and with Hillary Clinton there's a little more understanding," the chief equity strategist with Nuveen Asset Management told CNBC's "Power Lunch" on Wednesday.

When it comes to positioning, Doll said it is not about being in or out of the market right now.

"It's about what you own and what you don't own," he said.

With the economy doing better and inflation having bottomed, he likes cyclicals right now, although he warned the trade won't last forever.

"Markets are oscillating. That will continue. But we're frustrating the bulls and the bears. Got to own the right stocks and avoid the bad ones," he said.

— CNBC's Everett Rosenfeld contributed to this report.