“You have had stocks rally because earnings have been coming in above lowered expectations,” Dorsey Farr, co-founder of French Wolf & Farr, told CNBC. But he doesn’t expect the markets’ move higher to be sustainable.

“We have been rallying for the wrong reasons recently,” he said. “People are really looking for policy stimulus and we don’t see that as a reason to buy stocks.” Farr’s view is that stocks are in for a tougher period in the days ahead and would tread cautiously. (Related: Rally Almost Perverse).

But the fact that revenues are light but profits are strong could be bullish for equities once the global and U.S. economies start to turn up.

Anthony Chan, chief economist at Chase Wealth Management, told CNBC, “I’m really impressed by the fact that even through revenues are coming in light, the profits are strong.”