NEW YORK (TheStreet) --The Nasdaq hit an all-time intraday high during afternoon trading on Monday. As a result today's Trading Nation team on CNBC's "Power Lunch" discussed what to expect from the index moving forward.

"We think over the next 12 months you can get a 7% to 9% total return within in the Nasdaq," Stifel Nicolaus portfolio manager Chad Morganlander said.

Furthermore, he does not expect earnings growth to diminish, expecting 10% to 15% growth potential for 2017. Morganlander projects revenue to increase around 6%.

"We would be overweight the growth stocks at this juncture," he stated.

Strategas Research Partners partner Chris Verrone expects the run in the NASDAQ to continue as well.

"I think it's important to remember that after 15 years of purgatory the Nasdaq has now made its new high and about 20% of the stocks within the index are breaking out to new highs," he noted.

He added that the rally is broad and large cap stocks like FANG (Facebook (FB), (AMZN), Netflix (NFLX), Alphabet (GOOGL)) are not the only participants. 

"Strength in Nasdaq is also the strength in small caps," Verrone contended.

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