However, he has a warning for investors.
"If we continue to go straight up from here without a pause, then I think the market does become vulnerable because … we have higher interest rates, we have a stronger dollar," the chief investment strategist for Janney Montgomery Scott said in an interview with "Power Lunch."
"That's de facto tightening on the economy and that can work counterproductively to some of the good news that is percolating in the economy at the moment."
U.S. equities have been moving higher since President-elect Donald Trump's surprising victory. While many have been referring to the market's moves as a Trump rally, Luschini believes it is just a coincidence.
"The economic underpinnings are supportive for corporate profit growth and a fertile climate for that earnings picture to brighten in 2017 and equities are lurching ahead in advance of that," he said.