"You've seen the market do nothing, yet the high fliers have been getting crushed. The market overall didn't rally as much and it seems that instead of having a correction in price, it's having a correction in time," he said.
The S&P 500, for instance, has only moved 4.8 percent between its intraday peak and trough in a three month period, he said. The last time the three-month range was so narrow was in a period that ended in May of 2006.
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"It's definitely been a sideways market which explains why you have people sounding shocked the VIX is so low. The market has not done anything either," Hickey said. "Going back to the early '80s, there's only been a few periods where you've seen this narrow a trading range. It's definitely not real common."
While some analysts say the relatively low volatility could be the calm before a selling storm, Hickey says there have been narrow corrections affecting sectors, and not the broader market. Since peaking in March, Internet and catalog retail are down 17 percent, and Internet software is down 14 percent. Biotechs are down 10.4 percent from their February high.
As for major S&P sectors, consumer discretionary was the worst performer and was 5.2 percent off its March 6 high. Automobiles, a subsector of that group, were down 10.1 percent from their December high.
The major industrial sector was 2 percent off its high, but within that sector construction and engineering stocks were 11.6 percent off their January high.
"Back in the mid-90s, you saw the semiconductors get slaughtered and they had been the high fliers coming out of the 1990 recession, and they had a bigger rally than the Internet and biotech stocks of today. They corrected, and the overall market didn't decline," Hickey said.