Enjoy the rally, but do not be greedy, says PNC's Jeff Mills

The Wall Street bull, Jeffrey Mills, believes that a reduction in the interest rate of the US Federal Reserve is not necessary to support the stock market rally.

However, PNC Financial's chief investment strategist believes this will happen later this month despite June's stronger-than-expected jobs report.

Mills says this can not hurt investors, although for now.

"Do not fight the Fed, enjoy the rally," he told CNBC's "Futures Now" last Tuesday.

It's a vision he continues to exercise even though the S & P 500 has broken a five-game winning streak on Friday. The index still represents only a fraction of a percent of its record.

Mills, who believes the S & P could still rise 5% or more from current levels, believes that market techniques are in good shape.

"About 50% of the S & P 500's individual stocks are now trading above their one-month highs," said Mills.

However, what is good in the short term can create challenges for investors with long-term goals.

Mills points out that low rates help support multiples at the current time, but the data shows that equity returns over extended periods have historically suffered.

According to Mills, a standard 60/40 bond portfolio and a bond portfolio over the next decade are unlikely to deliver the expected results, as opposed to the average gains realized in the current environment. Instead of averaging more than 10%, he expects investors to receive about 6%, which is comparable to money market accounts in the late 1990s.

"What people tend to miss, and when they try to justify the current valuation levels by the low level of interest rates, is that, in the long run, this does not happen. is not a good thing for returns, "said Mr. Mills.