Economic data, earnings will be positive: Tom Lee

Optimistic about earnings and economic data: Pro
Optimistic about earnings and economic data: Pro   

Despite the recent economic data and Wall Street's poor outlook on corporate earnings, Fundstrat Global Advisors' Tom Lee said Monday he is optimistic for what's to come.

"I'm a little disappointed with the tenor of the data, but the markets have been rising in the face of that. It is very reassuring. Expectations have really come down for Q1 earnings, but I think there's a margin story," Lee told CNBC's "Squawk on the Street." "I think we're going to have a stretch of a couple of months where the data's going to be good and the markets are going well into it."

U.S. equities tried to post their first four-day winning streak in more than two months on Monday, as the Dow Jones industrial average and the S&P 500 both were up about 0.1 percent, while the Nasdaq composite rose nearly 0.5 percent in late-morning trading.

Corporate earnings season will officially kick off on Tuesday with several companies reporting their first-quarter results, including blue chip stocks JPMorgan Chase, Johnson & Johnson and Intel.

On the data front, retail sales are scheduled to be released Tuesday, while natural gas inventories and consumer sentiment are expected to be reported on Thursday and Friday, respectively, along with other economic data sets.

Read MoreWhat earnings will—and won't—tell us about the economy

"The drop of gasoline prices should really light a fire under the consumer, so we anticipate consumer spending is going to be a lot stronger," Scott Brown, Raymond James' chief economist, said in the same interview. "Now we need to see the proof. We need to see the data come in stronger and we may begin to see that in this week's reports."

Gasoline prices have declined considerably amid oil's most recent decline. U.S. crude was up 0.6 percent at $51.95 per barrel in late-morning trading.