The rally still has some room to go, Dodge Dorland, chief investment officer at Landor Capital Management, said Monday.
The short-term pullback is a buying opportunity and if the Dow can hold above 10,000, the Santa Claus rally is on, he said.
"We may pull back. But the pullback at this point will be considered a buying opportunity, unless we break some fairly significant levels," Dorland told CNBC. "For now the trade is to the upside, so we're buying pullbacks until we're proven wrong."
If the S&P 500 index keeps support at 1,070, there will be a move to the upside to 1,170, Dorland predicted.
The Dow Jones Industrial Average's next level of support is 10,200, according to Dorland. If it holds, and the Dubai situation will give us reason to test that level, then the index will trade higher, he added.