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Enjoy the collection, but don't become "greedy", says PNC's Jeff Mills

Wall Street bull Jeffrey Mills believes that a Federal Reserve interest rate cut is not necessary to maintain the stock market.

However, the PNC Financial Co-Chief Investment Strategist believes that it will happen later this month regardless of stronger than expected June jobs report.

Mills argues that it cannot harm investors, albeit at present.

"Don't beat the Fed. New rally," he told CNBC's "Futures Now" last Tuesday.

There is a view he continues to hold, although S & P 500 broke a five-day winning knit on Friday.

Mills, who believes that S & P can increase another 5% or more from today's level, believes market technology is in good shape.

"You have about 50% of the individual shares in the S & P 500 now trading over their one-month highs," Mills says.

Long-term challenges?

What is good in the short term, however, can create challenges long-term investors

Mills points out low prices and helps support multiples right now, but data shows long-term equity returns that historically suffer.

According to Mills, a standard 60/40 stock market and bond portfolio over the next Decades will probably not work in line with average gains due to the current environment, instead of earning an average return of over 1[ads1]0%, he expects investors to see about 6% – in line with end-of-money money market accounts of the 1990s.

"What people tend to miss, and when they try to justify current valuation levels with today's low interest rates, it is over the next long-term period, It's not really good for returns, ā€¯Mills said.

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