The market pullback in August represents the lows of the year, Brian Belski, BMO Capital Markets chief investment strategist, said on Friday.
"We still feel very confident with respect to our 2,250 target for the for the end of this year," he told CNBC's "Power Lunch."
"The market and institutional investors, in general, have underperformed pretty dramatically this year and as prices continue to levitate higher, we believe a "game of catch-up" is going to occur — even in the last six weeks of the year — and markets are going to head higher."
He said that people are becoming more comfortable with the idea that the Federal Reserve will raise rates. Oil prices are bottoming out as well, which will boost markets, he said.
"In America, the No. 1 variable with respect to the stock market is the consumer and consumer stocks are working pretty well."
As a long-term strategy, Belski is overweight financials and technology. He said that health care should bounce from its dip earlier this year.