Jobs Report Looms in Busy Coming Week

One, while the Fed was highly accommodative last year, the ECB and other central banks were not. Now almost all central banks have their foot back on the pedal, Holland said.

Two, the environment for jobs, despite the weaker report in March, is much better than last year.

And three, housing was still a headwind last year. But this year it is "neutral" at worst and at best a "tailwind for the consumer".

Holland pointed to the recent breakout in homebuilder stocks and said he is convinced that there is no "headfake" in housing but a real turnaround.

"Bottom line, I am really constructive on U.S. stocks," he said.

-- Written by Shanthi Bharatwaj in New York.

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