Since the Standard & Poor's 500 touched a multi-year high on April 2, the index is down about 3.8 percent. But as Street Signshost Brian Sullivan pointed out on Monday, stocks have had much steeper pullbacks in recent years.
For instance, the S&P 500 last year dropped 253 points, or 18 percent, from July 8 to October 3. And from April 30, 2010 to July 2, 2010, the S&P 500 fell 155 points, or 13 percent.
By pullback standards, however, the S&P 500’s recent slide —Wednesday’s gains aside— is small in comparison.
“I am more bullish than the market appears,” Alpesh Patel, director of Praefinium Partners, told CNBC.
He also pointed out, “Back to back gains in the S&P 500 in the first two months of the year have occurred in 24 of the last 66 years. The average gain during those 24 years was 19.4 percent, with not a single down year.”