The market won't retest its March lows, but it will turn choppy around January or February, said Joe Quinlan, chief market strategist at Bank of America.
"We're in a sweet spot right now," Quinlan said.
"The global economy's much improved, the US is coming along, so right now I think a lot of investors are kind of rushing in to get the year-end peformance."
Quinlan recommended investing in emerging markets, but said investors should look outside of the BRIC countries.
More Market Wisdom:
Instead, they should look into Africa, the Middle East or Turkey, he said.
Asia also offers opportunities outside of China, in countries like Singapore, Thailand and Malaysia — a good place for buying commodities
With the US' growing deficit, Quinlan advised investors to avoid Treasurys.
CNBC Data Pages:
Companies That've Reported Earnings This Week:
- Alcoa Reports Surprise Profit; Sales Also Beat
- Costco Profit Falls, but Tops Views
- Yum Brands Earnings Easily Beat Expectations
- Pepsi Bottling Profit Beats Estimates
- PepsiCo Earnings Beat Expectations; Outlook Affirmed
Disclosure information was not available for Quinlan or his company.