It's great to have highs but the S&P 500 is still unable to break out, leaving the market at the same spot it was in February, said Matt Maley, managing director and equity strategist at Miller Tabak, on Monday.
"Not being able to break out either is a concern particularly for me because we have several issues. Number one, stretch valuations and number two, poor to negative earnings growth," said Maley during CNBC's "Power Lunch."
"GDP: We thought the second quarter would be a little better. It's going to be positive, but not enough to make the whole first half positive."