"October is known as the 'bear killer', especially in 1974, 1990, 1998, and 2002. Mid-term years usually see major bottoms in the fourth quarter. After big declines, investors are buying good, strong, solid, and stable companies with fortress balance sheets and excellent free cashflow is the wrong way to go. This is what you buy early in the decline. Stocks will bottom and interest rates will peak long before the Federal Reserve finishes hiking. The U.S. has not been in a recession this year, but it is coming in 2023," says Paul Schatz.