Even a 'Bear Market' Won't Test 2012 Stock Lows

It doesn't seem like anything can stop the stock market freight train to new highs nowadays. But one strategist argued that even if equities went into a "bear market"—which he's absolutely not predicting—they'd still be higher than last year's June lows.

John Lynch of Wells Fargo Private Bank explained on "Squawk Box" Wednesday: "We could see conceivably—this is not our call—but it's possible to see a 20 percent 'bear market' and we'd only go down to 1,330 on the S&P [500]."

That's still about "50 points higher than where we were last June and everyone thought it was Armageddon," he added.

Again, Lynch stressed that he's not calling for a "bear market."

In fact, he said that "an argument can be made that the market looks stronger at 1,670 than it did at [S&P] 1,600" because of the switch from defensive sector leadership to cyclical leadership.

On Tuesday, the S&P 500 Index and the Dow Jones Industrial Average closed at new all-time highs. And for the Dow, that marks the 19th straight Tuesday of gains.

"Many investors have continually asked if we're going to hit a correction," Lynch said. "Fortunately for investors [Fed] monetary policy provided this 'put option' for the market that's prevented it."

(Read More: Bernanke: Too Soon to Taper Bond Buys)

But for investors who've missed the rally, he advised, "Do not jump in—all in—at an all-time high." He continued, "We're encouraging our investors to look at a minimum of three, if not a six month period, where you want to enter the market accordingly in a diversified strategy."

Mark Lehmann at JMP Securities agreed. "Piling in at an all-time high is a tough pill to swallow for some investors who have missed it. But again, I think the market has value in it. I think the width of the market is accelerating."

"One part of the market that we haven't talked about is the IPO tape, which has been very strong," Lehmann said. "We don't want individual investors piling into the latest IPO of the day, but some of the recent action in the IPO market bespeaks a higher [stock] market going forward."

"For existing money," Lynch said, "we're trying to make sure that investors, if they for example are way overweight in the staples sector to re-balance out of those areas and try to participate in some of the gains [in] energy where they [might] have been underweight given the performance year to date."

By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC.