Pro: History suggests 7% pullback coming

They say history repeats itself. If that's true investors are looking at more bouts of volatility.

In an interview on CNBC's "Closing Bell," Liz Ann Sonders of Charles Schwab said patterns in the market suggest there's every reason to think a bumpy ride may lie ahead.


Sonders referenced trends in the charts of the S&P 500, the 10-Year Treasury and the Vix; she said when QE1 ended around March 2010 and when QE2 ended around June 2011 markets were also volatile.

Therefore, as the Fed ends QE3 it's reasonable to think volatility resurfaces, again. "It's almost an exact replica," she said.

Sonders added that it's also important to note that economic data has improved sharply, which, in turn, suggests rate hikes probably lie ahead.

In turn she thinks market activity between 2004 and 2007 warrants attention, because it was the last rate hike cycle. "During that period, we had five corrections averaging about 7 percent."


Scott Mlyn | CNBC

Because the 2004-07 period appears similar to the forthcoming period, "I think we're going to get more bouts," Sonders added.

However, she also said that despite the declines, she believes, overall the market remains a secular bull; one that can return to all-time highs by year's end.

Read MoreAmid volatility, market wants 'considerable time'

If you're looking to put money to work, Sonders says traders may want to position for volatility, however, individual investors with long-term time horizons, should look at long positions inindustrials and technology, two sectors that should benefit as the global economy grows and improves.

And she added, if you're looking for value, look at the energy sector, again for the long term. "Valuations have gotten extreme to the downside," she said.