'We have to curb our enthusiasm about tax reform,' says strategist Liz Ann Sonders

Santoli: Market having to grind higher to find sellers

President Donald Trump's promises of tax reform have helped push the market higher, but one well-known strategist told CNBC on Wednesday investors may need to temper their expectations.

"We have to curb our enthusiasm about tax reform of any variety coming in the first half of the year," said Liz Ann Sonders, chief investment strategist at Charles Schwab.

Last week, Trump said he would announce his "phenomenal" tax plan in the coming weeks. On Wednesday, he said work on the plan was going "really well" but gave no details except to say it would simplify the tax code.

While Sonders believes investors' eagerness overall should be muted in the near-term, she thinks the implications for earnings are potentially significant.

That's because the consensus is that earnings will be up about 12 percent for 2017, and that doesn't factor in any fiscal stimulus, she told "Closing Bell."

Add in tax cuts and that could mean another 7 percent to 15 percent earnings growth, Sonders noted.

Closing Bell Exchange: A president's rally

Jonathan Corpina, senior managing partner at Meridian Equity Partners, thinks Trump's comments on taxes are clearly moving the market higher. However, he'd like to see more volume in the move.

"I'd like to see more conviction, some more enthusiasm into this rally. It just seems now we've become very complacent with the market continually going up every single day," he said in an interview with "Closing Bell."

He believes as the market moves higher, at some point investors will start to take profits off the table — perhaps around the upcoming three-day weekend.

However, Brad McMillian, chief investment officer at Commonwealth Financial Network, is focused on the fundamentals, not politics.

He specifically likes financials, energy and consumer discretionary.

"I want to bet on the American consumers, regardless of what happens in Washington. That's going to be the place to be," he told "Closing Bell."

— CNBC's Melody Myers and Reuters contributed to this report.