One of Wall Streets biggest bulls says the market is "at the point of maximum uncertainty" that could morph into one of the best buying opportunities of the year.
"The economy is not slowing the way people fear. Thats where the upside comes in," BTIGs Julian Emanuel said Monday on CNBCs "Trading Nation." "We do think any weakness is a buying opportunity."
Emanuel, the firms chief equity and derivatives strategist, turns to the so-called bull-bear dividing line — the 200-day moving average — to build his case.
Following late Decembers huge sell-off and subsequent rebound, he points out the market has come a long way in seven weeks.
According to Emanuel, the S&P 500 and Dow are right back at the 200-day moving average, and that spells uncertainty.
"Both the bulls and the bears are sort of hesitant, and perhaps a little bit confused as to where markets go," he said.
With the ongoing U.S.-China trade war and the March Federal Reserve meeting on interest rates, Emanuel believes its logical to see a near-term, sideways pullback that could take out about half of 2019s S&P gains. The index is up 8 percent this year.
"You could see weakness with all these event risks coming over the balance of the quarter," said Emanuel, who also mentioned the threat of a partial government shutdown on Friday as another risk. He spoke before a tentative deal was reached by congressional negotiators late Monday.
He doesnt see a potential setback having lasting implications.
His S&P year-end target is 3,000, a 20 percent jump from 2019s first trading day. He believes financials, energy and health care will be the groups that drive much of the years gains.
"There is an expectation that at some point, most of these things will resolve themselves favorably," Emanuel said.