The Santa Claus rally—as defined by Stock Trader's Almanac—encompasses the last five trading days of a year and the first two trading days of the new year. The period ended on Monday, and no rally came.
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The S&P 500, for example, has dropped about 3 percent since Dec. 24 of last year, when the rally would have technically started. The stretch has yielded an S&P downturn only 13 times since 1950, Hirsch said.
"It's not a great sign, it's not the end," he said.
Fundamental trends bode well for positive stock performance in 2015, Ed Keon, managing director of Quantitative Management Associates, also told "Closing Bell." While volatility is "overdue," markets will continue to push higher overall, he said.
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Keon added that he looks for four signs—"recessions, shocks, excessive valuation and unexpected policy changes"—that signal a bear market. He anticipates none of those factors will break up overall positive momentum.
"I don't see anything on the horizon now that's going to be big enough to derail this bull market," Keon said.