U.S. stocks, as measured by the Standard & Poor’s 500 Index, have surged 12 percent already this year. And Ed Dempsey, chief investment officer of Pension Partners, thinks they can jump another 30 percent.

"Everyone is still betting on the pullback, which is the reason you're not getting it," he tells Yahoo.

"In a period of reflation where you have lots of liquidity, lots of credit being extended, you can have these very explosive moves, and they catch people off guard."

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The Federal Reserve is responsible for the rally by keeping interest rates near record lows, which has encouraged investors to flee bonds for stocks, Dempsey says.

"The Fed has made riskless assets [Treasurys] incredibly risky,” because of their low yields, he says. “What the Fed is trying to do is to ignite a fire under risk assets by making it incredibly painful to hold these perceived risk-free assets."

And which sectors of the stock market should investors target? “Right now we think it’s smart to be bullish of equities . . . in general, and specifically financials,” Dempsey says.

Many other experts share Dempsey’s bullishness. “We don’t see any big negatives that would cause people to run for the hills,” Joseph Keating, chief investment officer at CenterState Wealth Management, tells Bloomberg.

“Easy monetary policies are in place around the globe. Investor sentiment has picked up.”

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