Top money manager Kenneth Fisher says the Federal Reserve should not engage in another round of quantitative easing.

“There’s no reason for the United States to be doing quantitative easing,” Fisher says, according to Bloomberg. “It increases risk aversion for U.S. stocks. It’s got a slight tendency to want to motivate you to underweight U.S. stocks.”

Fisher says policymakers should instead show more confidence that the recovery will eventually create jobs. “They are concerned because in the United States employment is lagging,” he said. “[But] the stock market has always been and continues to be one of the better leading economic indicators.”

Fisher likes technology and industrial firms, raw-materials producers and companies that rely on consumer discretionary spending, Bloomberg reports. And he says Europe’s problems and fears of a double-dip recession won’t be enough to derail what he says is a legitimate bull market. “To knock the market down, you’d have to have a new big, bad thing,” he says.