"In Europe, there's cultural change that has to happen, and it's going to take time. Every quarter we're going to have more and more news, but there hasn't been enough yet to fix the problem," Kirchenbauer says. "Do they have a Band-Aid for it? Do they have a fix? No."
Kirchenbauer adds that the current market's value depends on an investor's time frame. "Is it overvalued for what's coming over the next four to six months? That's a possibility," she says. "We've had some good news, but we haven't had enough good news to weather the uncertainty."
For now, Kirchenbauer advises retail investors to wait until after the U.S. presidential election on November 6. Once that uncertainty is removed, it will be easier to determine where the market is headed.
"If you're an investor, should you be putting a lot of money into the market right now? My answer would be no. Should you be getting out? No," she says. "If you're going to need cash in the next few months, I'd get it out of the market now."