Amid the dark clouds hovering over markets, at least one strategist sees a ray of hope.

Stocks are down sharply today, the euro keeps tumbling and commodities are getting smacked around. The stock market's fear gauge is hovering at above-average levels, and major stock indexes are poised to rake in their worst monthly performances since September.

Doom and gloom is all the rage, which is exactly why Richard Ross -- global technical strategist at Auerbach Grayson -- puts his contrarian hat on and calls for a major rally.

From a macro technical perspective, he thinks stocks, commodities and currencies have reached extreme levels of sentiment, momentum and resistance. He predicts these asset classes are on the verge of a "swift and sudden reversion to the mean."

"We view this as bullish for risky assets," he says, while noting these asset classes are on the verge of the most "compelling buying opportunity of the year."