With the U.S. stock market being so momentum-driven right now, investors need to make sure they look at the longer-term picture, expert Brian Belski told CNBC on Monday.
And that means buying favorite stocks on price breaks and taking a little off the table when the market goes up, he explained.
However, Belski sees future action in the bond market that will be "fantastic" for equity investors.
"There's a big short squeeze coming in bonds later in the year," the chief investment strategist at BMO Capital Markets said in an interview with "Power Lunch."
U.S. stocks rallied on Monday on the results of the first round in the French presidential election, which showed centrist Emmanuel Macron and far-right Marine Le Pen advancing to a presidential runoff. Most polls show Macron easily beating Le Pen in the second round.
Meanwhile, Treasury yields, which move inversely to price, were higher after the results.
Investors are also waiting to see what happens with President Donald Trump's promises of tax reform. On Saturday, the president posted on Twitter that "big" tax changes would be announced on Wednesday.
Belski wants to see how companies react to the tax cut and how they grow their businesses again before adjusting his outlook for the market. The S&P 500 has already passed his current base case target of 2,350.
"We're going to get a better opportunity to buy stocks a little bit cheaper. Remember, we're heading into a seasonal period where stocks are typically weak," he pointed out.
"On a very, very short-term basis, should you be taking the 1 percent gain today? Probably. Should you be taking the 4 percent move in Europe today? Yes," he added.