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While the energy sector has been hit thanks to plunging oil prices, Belski said it's clear the market doesn't need energy to go up for the market to go up.
With global growth and demand slowing and prices falling, "there has to be a massive behavioral change within investors and companies alike as we shift our focus fundamentally with respect to these commodities from demand to supply," he said.
He's also predicting the Federal Reserve won't raise interest rates until at least the second half of 2015.
"The key thing is wage growth. It's not weekly jobless claims, it's not the unemployment rate," he said.
Read More We're 6 years into 20-year bull market: Belski
Belski's bullish outlook extends beyond 2015. In fact, he said we're in a 15- to 20-year bull market, which has been spurred by America's so-called "lost decade."
"Coming out of this lost decade is America, who has the world's largest economy, who has structurally reformed themselves to the turn of massive balance sheets since the 1950s, growing stable earnings and attractive valuations and oh, by the way, really low interest rates," he said.
Over the next three to five years, BMO is anticipating the stock market will average of 8 to 10 percent returns.
However, "it's the last five to 10 years of the bull that can get real exciting, especially if and when we get corporate tax reform and repatriation, which is not part of the next couple of years," Belski said.
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