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Don't drink 'Kool Aid' behind rally: Fund manager

Not economic growth. Not earnings strength. It's global central banks that are continuing to drive the U.S. stock market higher, portfolio manager Larry Glazer said Friday.

"That's not a healthy dynamic," he told CNBC's "Squawk Box."

Case-in-point Friday morning, China's central bank cut interest rates, the sixth such move since last November. After the announcement, tech-fueled gains in U.S. stock futures accelerated.

This came on the heels of Thursday's comments from European Central Bank, which signaled it would consider extending its massive bond-buying program well into 2016 and even beyond. The Dow Jones industrial average soared 320 points as a result.

"We cannot pretend that the monster rally we've seen in the last...