Market Insider

Sweet spot for stocks is around the corner

Cashin: Yellen effect beginning to wear off

With stocks at 2016 highs, the S&P 500 is about to enter what's traditionally one of its best months of the year and is closing out the first quarter with a surprising gain.

"What's really amazing is that for an investor that's looking at their statement at the end of the first quarter, they're going to be saying: I'm flat! What's all the noise about?' It's shocking and there was a fair amount of damage that was done in the process," said Jonathan Golub, chief U.S. market strategist at RBC Capital Markets.

The S&P 500 rose 0.4 percent Wednesday to 2,063, and is now up nearly 1 percent for the year. That gain follows a rare first-quarter snapback — when looking all the way back to 1945, according to Sam Stovall, chief U.S. equity strategist at S&P Global Market Intelligence. The S&P fell as much as 10.5 percent in the quarter. That was its deepest Q1 slide ever in a year where it staged a complete reversal by the end of March.

Read MoreJPMorgan's Lebovitz: Yellen's message to markets? 'Relax'