Double-digit stock gains for 2014 still seen: Pros

Following the best week of the year for stocks, the S&P 500 has nearly wiped out all of October's losses, and two strategists told CNBC on Monday the market should forge ahead and deliver double-digit gains for 2014.

"The market is acting like the bottom is in," Fundstrat's Thomas Lee said in a "Squawk Box" interview—predicting stocks should retest their highs in mid-to-late November. The recent market low came on Oct. 15. As of Friday, the drubbing on the S&P earlier this month has narrowed to 0.4 percent.

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"Historically, after a really strong year ... it's actually possible to generate double-digit gains," said Lee, who is calling for the S&P to reach 2,100 by January, a 6 percent-plus gain from current levels. He left JPMorgan as a chief strategist in June to start his own firm.

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David Bianco at Deutsche Bank basically agreed, seeing the S&P at 2,000 by year-end. "The total return should be 10 percent this year. It's within reach for next year, too," he said. "The key is getting earnings to post continued growth."

But he said investors are most fearful of a "profit recession" not a U.S. or global economic recession. Keeping that mind, he's concerned about the impact that falling oil prices could have on corporation profits. "I'm worried about the profit impact, the [capital expenditure] impact."

"I would need to have the consumer sectors do 15 percent-type earnings growth to offset the weakness that's coming in our view from the energy sector and industrials," Bianco said.

Read MoreEarnings picture in the energy sector looks grim

Lee disagreed. "The S&P 500 is a net consumer of oil prices. So it's actually quite a tailwind for the S&P 500 to see oil prices fall."

Not so, said Bianco who cited oil-price declines in the mid-1980s and late-1990s. "Oil prices went down and profits went down."

Lee countered that the reason behind the move in oil then and now are not the same. "Oil prices can fall if the economy is weakening, and that's different than oil prices declining as a commodity." He said the recent fall in oil prices to near two-year lows in the U.S. has been a result of ample demand, not a global economic slowdown.

Read MoreOil swoon drives US gas to 4 year low

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