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Strategist: Shelter from stocks' summer squall

Traders work on the floor of the New York Stock Exchange.
Lucas Jackson | Reuters
Traders work on the floor of the New York Stock Exchange.

Even though bull markets don't die of old age, the odds of a correction appear to be increasing, should history be any guide.

"A little bit like a summer squall, a correction in the broader market can happen suddenly and with little warning," said Jason DeSena Trennert, chief investment strategist at Strategas Research.

It has been nearly four years since the S&P 500 went through a 10 percent correction, the longest such stretch since 2004-2007 and the third longest period on record.

But as the market defies any meaningful pullbacks, Trennert believes there are signs a significant pullback could be on the way.

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