Stocks higher this summer

"The summer forecast for stocks is higher. Both the valuations and volatility measures are pointing to a higher market. You've lost some of the impetus, but we'll probably grind higher through the summer," he said.

"It's more of two steps forward and one step back," says Citigroup chief U.S. equities strategist Tobias Levkovich.

The strategist also says the market's widely anticipated "pull back" may not materialize and the market may have caught its breath with the sideways move stocks made in the last couple of weeks. "We call it the pause that refreshes," he said.

-CNBC