There's probably no Wall Street adage that's been repeated more during this six-year bull market than "don't fight the Fed."
And if you did, it was to your own peril as cheap money became the biggest single force behind a bull that took almost every stock higher.
Now that the Fed is likely to raise rates—maybe as early as Thursday—is this the end of the line for stocks? Given the August correction and September volatility, it sure seems that way.
The Fed "is simply raising interest rates to get out of an emergency rate position," said Lebenthal. "If it does raise, it will probably then be on the sidelines for the next six months."