As the S&P 500 has sold off more than 7 percent this year, overseas markets have fared even worse. In European markets, Germany's DAX index and the France CAC 40 have fallen 15 and 11 percent year to date, respectively.
But while the majority of European stocks have struggled this year, Erin Gibbs of S&P Investment Advisory sees one major opportunity among the carnage.
"German stocks actually do look pretty attractive," Gibbs said Tuesday on CNBC's "Trading Nation." "They look like a really good value. They've been beaten up because of concerns around Europe, and that's the one area we like within Europe."
According to Gibbs, the expected forward EPS growth for Germany is 32 percent, compared to the S&P 500's expected 3 percent. The DAX is also trading at a steep discount of 13 times forward earnings versus the S&P trading at 16 times forward earnings, Gibbs said.
Gibbs is less optimistic about the rest of Europe, which she said is overall expected to see a contraction in earnings.
Gina Sanchez of Chantico Global said while European equities have been "destroyed" this year, that may lead to a bigger comeback when compared to U.S. stocks. She said while she wouldn't recommend Europe as a long-term buy, traders should consider the boost that central bank policy could provide to stocks.
"The ECB is standing ready to help or continue to support the markets. While the earnings outlook may not look great, the potential for multiple expansion on the back of expected divergence of monetary policy could actually be a benefit for Europe," Sanchez said Tuesday on "Trading Nation."
In other words, while the Federal Reserve may tighten policy this year by raising short-term rates, the European Central Bank may continue to be in easing mode — supporting risky assets.
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