London's main stock index has taken a beating but a year from now it will be the place to be, predicts Larry McDonald, editor of The Bear Traps report.
The U.K. is set to begin the transition of exiting the European Union on March 29, 2019. The transition process will last 21 months before the country leaves the member bloc completely, according to a new agreement announced last week.
"U.K. equities are the cheapest equities in the developed world. They are a screaming buy relative to the United States, trading at 13 times earnings. The U.S. is close to 18 times," McDonald, the head of U.S. macro strategies at ACG Analytics, said on CNBC's "Closing Bell."