With the U.S. stock market off to a rough start—which seems especially so given Wall Street's gangbuster year in 2013—a case could be made that the much-discussed correction is at hand, with equities down nearly 2 percent so far this year.
The market's climb, which had the Dow and S&P 500 hitting all-time highs in 2013, started to "feed into a bit of complacency that stocks can only go up, and we're here to tell you, that's not true," said Jim Russell, senior equity strategist at U.S. Bank Wealth Management.
"The correction-less market is now into a 28th month. The longer you go, that risk starts to build. It's normal and healthy for the markets to have a correction, so that is something that is present in everyone's mind," said Darrell Cronk, regional chief investment officer of Wells Fargo Private Bank, referring to the last time Wall Street fell more than 10 percent, which occurred in late 2011.
The market is long overdue, given "we usually have a 10 percent correction every 18 months or so, even in a raging bull market," said Doug Foreman, chief investment officer at Kayne Anderson Rudnick Investment Management.