Short and Long-Term Picks from BlackRock's Doll

The stock market is likely to bounce back at some point and the bounce will have "some magnitude" but longer term the economy will still struggle, Bob Doll, Vice Chariman & Global Chief Investment Officer of Equities BlackRock told CNBC.

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"Don't expect huge economic growth post recession ... as such I think you need higher-quality names in your portfolio," Doll said.

When the market bounce happens, economy-exposed sectors such as energy and insurance are likely to bounce.

"Apache is an example in the energy space, Travelers in insurance. If the market bounces I think these names will bounce back pretty nicely," he said.

But in the long run "stick with the Johnson & Johnsons and the Krogers where you know the business is going to be intact the balance sheet is in pretty good shape, the free cash flow," Doll added.

The markets still have to get over the fear and get back some confidence before they rally and "earnings are at risk there's no question about that," he said.

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