'Big Short' investor Steve Eisman says the market will continue to melt up as long as there's no recession - and there's still no sign of one

• There's no indication of a recession, "Big Short" investor Steve Eisman told CNBC.
• Due to that, many investors are playing market catch-up, helping fuel further gains.
• "So as long as there's no evidence of recession, I think the market will probably continue to melt up — people are chasing."

Though Steve Eisman sees the Federal Reserve's hiking cycle as a potential catalyst for an economic downturn, he told CNBC that nothing points to a recession yet.

And that suggests the market will continue to rally. 

"So far, there's no evidence of a recession. So as long as there's no evidence of recession, I think the market will probably continue to melt up — people are chasing," the Neuberger Berman portfolio manager said.