Not everyone is convinced that the French election's results have led to stocks market gains

The poll estimates for the French presidential election allow the markets to get some renewed confidence, Chase Chief Economist Anthony Chan said Monday.

U.S. stocks opened sharply higher Monday after centrist Emmanuel Macron won a plurality of votes in Sunday's preliminary French presidential election. And Macron is expected to beat far-right opponent Marine Le Pen in the second round with 62 percent of the vote, according to a poll from Ipsos/Sopra Steria.

Nicholas Colas, Convergex chief market strategist, told CNBC on Monday he wouldn't expect too much from the market's recent move up. What we see is a narrow progress in the markets, mainly by the technology sector, according to him. Fairly high valuations and, until today, a 20-year bond that had done better than small- and mid-cap stocks. So, there was a lot of questions about this rally to this day

Colas added he believes corporate earnings can offset some of the sentiment swings around politics in the U.S. and abroad.

"Earnings this quarter will be about 9.2 percent growth year-over-year, the highest since the fourth quarter of 2011," he said. "So, we've finally broken out of the very slow earnings growth cycle into something a little bit better."

Source: Bloomberg

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