Despite the stock market's down day on Wednesday, it is still in the seventh or eighth inning of the rally, expert Michael Yoshikami told CNBC on Wednesday.
"There's still sentiment in the market to push higher," the CEO of Destination Wealth Management said in an interview with "Closing Bell."
U.S. stocks fell on Wednesday, with the Dow Jones industrial average ending down triple digits. The index had been within striking distance of 20,000 in recent days, but closed at 19,833.68.
Yoshikami believes the market rally has been based on momentum, not fundamentals.
"Fundamentals ... are eventually going to impact the stock market. I think it's going to happen in a couple months," he said.
Jay Jacobs, director of research at Global X, thinks valuations are starting to get really stretched in the market.
"It's been great for investors thus far, a lot have stayed on the sidelines, but it could start to hurt future returns if we can't see the earnings growth we're expecting," he told "Closing Bell."
Gabriela Santos, global market strategist at JPMorgan Funds, is positive on the market for 2017.
"In speaking to our clients, we still find that many of them are underinvested in terms of equities and still very heavily invested in very interest rate-sensitive parts of fixed income, so there's still a big rotation that needs to take place over the coming weeks and months," she told "Closing Bell."
She thinks one of the big stories for the next couple of years is emerging markets, which is out of consensus since President-elect Donald Trump won the election.
"We just don't think that U.S. policy will change enough next year to become a negative for this improvement in EM growth we started seeing this year," Santos said. "We also don't think the dollar will continue rallying enough also to derail this improvement in the economy and earnings outlook for emerging markets."
Yoshikami likes health-care stocks, which he thinks are unappreciated right now. He also thinks fixed income has been a little oversold.
"Investors need to have fixed income … for some stability in portfolio strategies. As long as you stay short to intermediate duration, you're not out there buying 20-year bonds, I think fixed income actually could be a reasonable investment," he said.