We are 'cautious bulls' on market -portfolio manager

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STORY: "We know that the market is not cheap. If we look at forward earnings, it's a little bit turn or two higher than historical averages, not aggressively so. So not in a bubble scenario, but it's certainly not cheap as it stands right now," he adds.

Casey says he would also like to see stocks outside the megacaps like Apple and Nvidia participate in more of the gains.