Why Europe is like 'Weekend at Bernie's': Kleintop

Markets will likely move higher as monetary policy pumps up stocks in Japan, China, and Europe, but there's greater risk heading into 2015, Jeff Kleintop, chief global investment strategist at Charles Schwab, told CNBC on Monday.

Europe in particular is facing a "Weekend at Bernie's" situation, he told "Squawk on the Street."

"Certainly with a lot of central bank action, it may look like the Eurozone economy is alive, but on closer inspection the heart stopped beating a while ago," he said.

In the near term, stimulus will lift stocks, but there is only so much central bank action can do in a frozen environment, he said. The continent still faces structural and cyclical impediments to growth, he added.

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Should the market turn, investors will get no warning, Charles Bobrinskoy, vice chairman at Ariel Investments, told "Squawk on the Street."

He said the good news is the market is in a range of reasonableness in terms of valuation, but cautioned that it's moving to the high end of that range.

"On a scale of 1 to 10, where 10 is a bubble and 1 is dirt cheap, I would say we're moving towards a seven," he said.

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Energy is one area of the market that is attractively priced, but investors will have to stomach volatility in the short-term as oil prices remain in flux and tension between Iran and Saudi Arabia makes OPEC action less predictable, said Bobrinskoy.

Kleintop said emerging markets stand to benefits from the liquidity central banks are pumping into the market. He suggested barbelling portfolios to keep core exposure in the United States, focus on emerging markets while overlooking much of the developed world.

The economic backdrop is much better for emerging markets, and while some may be on life support, the heart is still beating, he said.