Strategist: Shelter from stocks' summer squall

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

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 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.