Stock investors have grown too complacent that the U.S. conflict with Syria is over, leaving the market exposed to a short-term correction, says Alec Young, global equity strategist for S&P Capital IQ.

President Obama is considering a Russian proposal for international monitors to seize and destroy Syria's chemical weapons. Meanwhile, stocks have risen for seven straight days.

"I want to throw a little cold water on all the Syria optimism," Young told CNBC.

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"We're getting the relief rally, but the only way a military strike is off the table is if you get timely cooperation from [Syrian President Bashar al-Assad] and [Russian President Vladimir] Putin, which I think it would be naïve to bank on."

Young expects "we'll get some foot-dragging there, and the market will immediately price in a strike." The market is "very overbought, and it's vulnerable to getting whacked again once we start to see [the] foot-dragging from Putin and his buddy al-Assad," he said.

To be sure, Young thinks the stock market is ultimately headed higher. "I think any Syria volatility would be a buying opportunity," he said.

While Young sees the Standard & Poor's 500 Index ultimately hitting 1,780, the conflict in Syria, the Federal Reserve tapering of its stimulus and the German elections will give investors a "chance to come in" the market.

"I think all things considered, this isn't a great time to put new money to work, especially in emerging [markets], and I was a bull there."

Other experts also say the Syria issue hasn't disappeared for the market.

"We're not out of the woods on news from Syria yet, but for the time being the market has digested the decision to delay action," Russell Croft, a fund manager at Croft-Leominster, told Bloomberg.

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