Stoltzfus not only sees a rebound forthcoming in the U.S., but globally–this should help quell some investor fears of a global economic slowdown.

 “With what we believe to be almost all but the kitchen sink priced into current valuations, we see opportunity for multiples to return to levels seen at the end of the third quarter … with multiple expansions resulting in a global equity rebound in the coming year,” Stoltzfus wrote in a note.

When exactly will this market comeback show itself? Stoltzfus is forecasting that the first quarter should show some signs of the markets resuscitating itself from the pangs of 2018.

“That said, we do not expect a rally of great significance to emerge until sometime into the first quarter of 2019. We look for market risk to weigh on investor sentiment into the new year until catalysts for a rally of some material significance appear on the scene,” he added.

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