The economy isn't in as bad as shape as a lot of people say it is, and stocks are unlikely to take their cue from pessimists during the second half of this year anyway, says Laszlo Birinyi, head of Birinyi & Associates, a stock market research firm.

"You'd be surprised how many good things are happening in the economy," Birinyi tells CNBC.

"I've always argued the negative case is always more articulate, it's always more intelligent, it's always more compelling because it looks at the now. The market looks ahead," says Birinyi.

"I could come up with all sorts of potential disasters but looking at what's going on in the market, the market doesn’t seem to be saying anything of this will happen."

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That doesn't mean investors should jump into stocks without cherry picking and buy on hopes that rising water will lift everything up, Birinyi adds.

Some experts warn that government policies have taken their toll on stocks, pointing out that the Federal Reserve's quantitative easing, a $600 billion bond buyback designed to fuel faster economic recovery by pumping up stock prices, has also weakened the dollar.

Stocks may go higher if loose monetary policy continues, but the value of those equities will be less in real terms if the dollar is weaker and inflation climbs, says Peter Schiff, CEO & Chief Global Strategist at Euro Pacific Capital.

"Our money is losing value and we are simply measuring stock prices in cheaper money, so it looks like stocks are going up but really it's our money going down, and so people might on paper be richer but in reality they are going to be poorer," Schiff says.