The new year has become a roller-coaster ride for investors, but Strategas Research Partners' Jason Trennert said Tuesday the volatility may not signal "the big one" is coming. Instead, it's a symptom of the new normal in stock markets.
Major U.S. indexes have entered correction territory as China's currency depreciation and stock market ructions, as well as further deterioration in crude markets, stoke fear among investors.
"I think there's a tendency after ... the global financial crisis to think that every time there is a financial crisis, it's the big one. It's the 100-year storm," Strategas' chief investment strategist told CNBC's "Squawk Box." "I think we have to get used to the fact that these things are part and parcel of just of the sturm und drang of financial markets."
Markets went 48 months without a correction until August, the longest period without a 10-percent pullback on record, Trennert noted. But now that the Federal Reserve is normalizing interest rates, volatility will be a more typical part of markets, he said.
To be sure, Strategas factors in the possibility of a black swan event in its 2016 base case scenario, partly related to China's yuan devaluation and its impact on emerging markets and worry of a deeper S&P 500 correction.