U.S. stocks posted their best day of the year on Wednesday and strategist John Spallanzani thinks the rally is just getting started.
The Dow Jones industrial average (Dow Jones Global Indexes: .DJI) advanced about 300 points, closing above 21,000 for the first time. The S&P 500 (INDEX: .SPX) climbed 1.4 percent to 2,395.96 after briefly breaking 2,400 for the first time.
For one, interest rates are low and if banking regulations are eased even a little bit, there would be much more money for banks to lend, he pointed out.
"I think there's so much liquidity out there that we haven't really seen it go into, one, the market and two, the economy," Spallanzani said. "There's a lot more good news to come, especially if Trump is able to get GDP to 3 percent, 4 percent."
Saira Malik, head of global equity research at TIAA Global Asset Management, is banking on the fundamentals pushing the market higher.
"Earnings growth is going to be what continues to drive the S&P 500 higher from here and that is supported by the strong economic data you've been seeing since mid-2016."
There has also been a lot of participation by individual investors, said Danielle Hughes, CEO of Divine Capital Markets.
"We're going to see that through. I think that this kind of a rally today will incite people to participate more," she told "Closing Bell."
"The markets want to fly. They've been held back for a while."
For Kim Forrest, senior analyst Fort Pitt Capital Group, that means there are opportunities everywhere to buy and sell.
She thinks investors should look for overweight positions in their portfolios.
"Even though you may love a company, it may be time to sell a bit down to a more manageable level," she told "Closing Bell."
Those dollars can then go to work in an "unloved" part of the market, like retail, she said. Forrest specifically likes Urban Outfitters (NASDAQ: URBN), because it is not a mall-based business.
— CNBC's Fred Imbert contributed to this report.
Disclosures: Kim Forrest and Fort Pitt Capital own URBN.
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