October's sell-off is overdone and the U.S. is looking the best in these conditions, Phil Camporeale, an asset management strategist for J.P. Morgan, said on CNBC's "Fast Money" on Tuesday.

Camporeale said J.P. Morgan sees a low probability of two consecutive quarters of negative GDP growth over the next few quarters and inflation becoming out of control.

"We are not panicking in this trade, we are right-sizing our equity allocation," Camporeale said. "Our highest confidence bet remains the U.S. Not the rest of the world ... it's the U.S. in this environment."

He said if the U.S. dollar weakens, it could be a "nice tailwind" for the markets, and the U.S. growth depends on inflation.

"We are not saying that we're going to have 25 percent earnings growth again next year, but we're also not saying we're going into a recession," Camporeale said. "So if the rest of the world grows at trend, and the key again is inflation, the Fed has to be, over the next six months, 12 months, a little bit more dovish here. If you get to that point where they actually pause, that could be another boost for the U.S. equity market."