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U.S. stocks tumbled Friday on uncertainty surrounding the Federal Reserve, but strategist Brian Belski is confident the market will have a "very healthy rally" in the fourth quarter.
It's just that near-term people are being "so reactive," the chief market strategist for BMO Capital Markets said Friday in an interview with CNBC's "Power Lunch. "
"Once reality sets in and … calm prevails and we start doing fundamental analysis again … I think we're going to see that United States stocks remain the most stable asset in the world, the most consistent in earnings with the strongest balance sheets," said Belski.
He's sticking with his year-end price target of 2,250 for the .
That said, he warned that volatility will continue into 2016, particularly after the Fed's "misstep" from an investment strategy standpoint of not raising interest rates Thursday.
Belski believes the central bank's focus on global growth makes it more of a follower than a leader.
"The problem is that the Fed is focusing, like most investors, on what was and is not focusing on what is," he asserted.
What is developing right now is North American growth, fourth-quarter gross domestic product that will "surprise to the upside" and the impact of low gasoline prices finally starting to hit the consumer, said Belski.
Paul Hickey, co-founder of Bespoke Investment Group, called the Fed's move dovish, especially for stocks and, more importantly, growth stocks. That could be good for a rally heading into year end, he told "Power Lunch."
However, the equities market is entering a historically weak period, with the end of September typically one of the weakest times of the year, he pointed out. Therefore, he thinks prudence is warranted in the short term.
"When you see steep selloffs, the market usually ends up in the long run being a good buying opportunity, but in the short term you see back-and-forth action with big swings like we're seeing now," said Hickey.
Ben Willis, senior floor broker at Princeton Securities believes the Fed used the media to lead people to believe there was a strong likelihood it would change rates in September. Because of that, Friday's selloff was a vote of disappointment, he told "Power Lunch."
However, when the central bank does finally normalize, "it will actually cause a rally because it's taken the indecision."
Right now, Tuttle Tactical Management CEO Matt Tuttle is sticking with his strategy of cash and Treasurys—and zero stocks.
The key number for him is 2,020 on the S&P 500.
"If the S&P breaks above that, I think this correction is over and we then look to get back in but we think we might hit 1,930 before that happens."
He believes it's gotten to the point where the Fed should "just do it already" since the uncertainty is contributing to a lot of the volatility the central bank wanted to avoid.
John Buckingham, CEO of AFAM Capital, has a different strategy. He prefers equities over cash and Treasurys.
"If anything, stocks got a little cheaper today, and relative to where we are on the interest rates spectrum, boy, I'd rather have a portfolio of dividend payers, like I have, yielding 2.8 percent, than be investing in Treasurys or cash-type instruments," he told "Power Lunch."