Take a step back from the daily trading grind, and the stock market's performance has been pretty lame going on a year

The market has largely been range-bound this year despite "very strong" earnings growth, points out veteran Deutsche Bank strategist Binky Chadha in the below chart. Markets seem to be ignoring the outlook for double-digit earnings potential for S&P 500 companies this year (that was priced in last year, Mr. Market says).

Instead, investors may already be looking toward a 2019 filled with slowing profit growth, heightened trade war tensions, rising interest rates and lingering inflation. 

"The cloud from the trade war is unlikely to fade away anytime soon and inherently impacts internationally focused companies rather than domestic ones," cautions Chadha. 

Needless to say the chart below should leave investors questioning current stock valuations and whether they could expand headed into 2019. If the answer is no, remember that there is nothing wrong with cash as a position. 

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