Bear Market Rally Is Near Its Top: Strategist

A major factor for the market is the Greek crisis, which Gjisels believes is not resolved "whichever way you look at it." With Greek spreads continuing to widen, it will not take long before Athens is forced to ask for assistance from the EU and IMF, he told "Squawk Box Europe."

But if Greece implements all the austerity measures asked of it, it will enter a deflationary, long-term recession that will make its balance sheet look even worse, he said.

If contagion were to happen and problems were to spread to Spain, Europe would have to put up about 200 billion euros ($269 billion) of which 40 billion euros would have to come from Germany, according to Gjisels.

This would be almost impossible for Angela Merkel and other EU leaders sell to the voters, he said.

"With all the problems on the table, it is almost impossible to understand that equity markets continue to look the other way," Gjisels warned. Read more