Stocks added almost 4% last week, thanks to another $600 billion in quantitative easing from the Federal Reserve, but further gains in the days ahead are likely to be more muted, says Kenny Polcari, managing director at interbroker-dealer ICAP Corporates.

After all, stocks don't move in a straight line, Polcari says, and a relatively light week of earnings reports and economic data should give the market a much-needed chance to catch its breath after enjoying a run that's put the major averages at two-year highs.

"I think you're going to see the market backfill," Polcari says. "It needs to backfill. It needs to churn to catch up with itself, and I think that's what you're going to see this week."

Farther out Polcari sees a chance for the S&P 500 ($INX) to add another 3% to 4% as investors who've thus far missed out on the rally get sucked in by the allure of rising prices.

"There is still money on the sidelines," Polcari says, "and with quantitative easing, stocks and commodities are only going higher."

For more on Polcari's view from the floor of the New York Stock Exchange (NYX), see the video above.