Parker explained that because margin expansion is more important than revenue, he doesn't think this earnings season has gone that poorly. He had previously said in a report that volatility would only persist if there were a decline in earnings. Other strategists have said that a year-over-year decline in earnings would be more indicative of an economic slowdown, and not a recession.
"Margins are still — in a lot of areas of the market — hanging in better than people thought ... I thought the earnings season was decent enough to assuage some of the fears. I do think some of the more acute part of the downturn is behind us," Parker said.
The general pessimism in the market and lowered expectations could set the U.S. up for a better-than-expected 2016. As of last week, the probability of a U.S. recession was at 24.1 percent according to CNBC's Fed survey.
"I think the U.S. could turn out to be a better place to invest than other regions of the world as the year unfolds," Parker added.