‘China screamingly cheap’: Strategist

Growth in China is strong enough to support specific stories, JPMorgan Private Bank Chief Investment Strategist Kate Moore said Wednesday.

"We still like stocks. We're 'overweight' equities for the first time in several years, and we have high conviction that equities are going to outperform over the next 12 months," she said. "We're 'overweight' the U.S., and we really like U.S. stocks, but I think that's a very consensus call. I think everyone I know is long U.S. dollar assets, is long U.S. large-cap equities, maybe they're sniffing around small caps."

On CNBC's "Fast Money," Moore added that it was time to look outside the United States for continued gains, specifically "in Europe, in Asia and Japan, and looking for good value."

(Read more: 'Most powerful bull market since World War II': Pro)

"China is screamingly cheap," she said. "It's at 8½ times forward earnings. It's about a 40 percent discount to developed markets. It's a gigantic 2½ standard deviations cheaper than it historically is, even to developed markets.

"We think a lot of bad news is in the price."

Moore acknowledged that there was less transparency in emerging market investments but added that better anecdotal evidence out of China showed economic improvement and positive direction.

"I'm incredibly encouraged by the fact that they're trying to reduce capacity in industries that are not efficient and don't have any good margins," she said.

(Read more: Time to get bearish on stocks: Strategist)

Moore added that the Federal Reserve tapering its $85 billion-per-month of asset purchases wouldn't cause much consternation.

"The market should be ready for it. If it's not and you're not positioned for it, you're in trouble," she said.

"We think the tapering is going to be slow and steady. I mean, I think anyone who expects it'll be over by the first quarter of next year is being far too optimistic about the kind of data we're going to get over the next nine months."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

— CNBC's Patricia Martell contributed research to this report.

Trader disclosure: On Aug. 7, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long puts JCP; Jon Najarian is long AAPL; Jon Najarian is long CIE; Jon Najarian is long POT; Jon Najarian is long PBR; Jon Najarian is long MAR; Jon Najarian is long HUN; Jon Najarian is long HLF; Jon Najarian is long FCS; Enis Tanner is long GS; Enis Tanner is long WMT; Enis Tanner is long TSLA; Enis Tanner is long NUE; Enis Tanner is long T; Enis Tanner is long CF call fly; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long FCX; Pete Najarian is long SBUX; Pete Najarian is long DIS; Pete Najarian is long FB ; Pete Najarian is long BBRY; Pete Najarian is long VLO; Pete Najarian is long NSC; Pete Najarian is long KRE; Pete Najarian is long EMC; Pete Najarian is long BMY; Pete Najarian is long PFE; Pete Najarian is long MRK; Pete Najarian is long LLY; Stephen Weiss is short JCP; Stephen Weiss is short PHM; Stephen Weiss is short UCP; Stephen Weiss is short TMHC; Stephen Weiss is long M; Stephen Weiss is long BAC; Stephen Weiss is long JPM; Stephen Weiss is long SODA.