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Europe's 'fear moments' to continue: Strategist

Pro: Now Greece has to produce

European stocks look appealing as Greece's deal with creditors won't reduce "fear moments" or opportunities to buy on weakness, a market strategist said Friday.

"On a multiple basis, European stocks have dramatically outperformed U.S. equities. So I think you buy European stocks on some fear, on weakness. You're going to get more fear moments," said Larry McDonald, head of U.S. macro strategy at Societe Generale.

Read MoreDeal reached between Greece, creditors

Uncertainty hit markets in recent trading sessions as Athens and European officials attempted to reach a deal to keep Greece solvent. European finance ministers on Friday agreed to extend Greece's bailout program for four months, contingent on fiscal reforms.

Markets rallied on the news, and the Dow Jones industrial average and closed at new highs.

As Greece may not "give in" on reform measures, and Europe fights deflationary pressures, markets will remain uncertain, McDonald said.

The weakness provides a buying opportunity relative to U.S. stocks, he said.