The bull market has more to run before the Federal Reserve hits the brakes on growth, strategist Bob Doll told CNBC on Monday.
"We need the excess to show up for somebody to stomp on it, usually the Fed, and that's not in sight," Doll told "Squawk Box." "If we get a head of steam in growth, ironically, it could shorten the cycle. But I think we've got a long time before we have to worry about that."
Doll said financial stocks are experiencing an especially good run on hopes of a "better economy, higher interest rates, [and] some rollback in legislation." The strategist said he favored "big global players," such as Bank of America and Goldman Sachs.
"Financials started doing better on Brexit Monday, accelerated post the election, and while maybe a little ahead of themselves in the short term, I assume they're going to do well this year," Doll said.
What to stay away from as we enter a pro-growth presidency?
"Stocks that look like bonds did phenomenally well during the stagnant growth period," Doll said. "Utilities, a perfect example. Some of the telecom names, some of the consumer staples. They're not cheap to begin with."
Once loved for their safety, yields, and low volatility levels, "they have underperformed since the middle of last year," the strategist said. "[And] there's more underperformance to come."