STORY: Stovall said "believe it or not, our economists are saying no recession. Yes, a possible slowdown in the second and third quarters of this year, but really no back-to-back GDP declines."

He added, "our belief is that the bear market bottom is in and that while we could end up with volatility along the way, we're now only 2% below a 20% recovery level. So we're very, very close to the beginning of a new bull market, at least based on percent change."