The stock market has had a very volatile start to 2015, with prices bouncing up and down and the CBOE Volatility Index (VIX) jumping 21 percent.
The VIX measures expected volatility for the S&P 500 index, which has dipped 2.3 percent so far this year.
"The [stock] market is in a weird place. Not a bad place, but a weird place,"
CNBC commentator Jim Cramer said on the air.
"We are in some sort of new volatility mode, not some sort of crash mode," he noted.
"Let's just adjust to the fact that the market has a mood disorder."
While the stock market has slid, the bond market has soared, sending the 30-year Treasury yield to a record low of 2.39 percent Wednesday. The 10-year Treasury yield hit a 20-month low of 1.78 percent.
Cramer isn't looking for a meltdown in stocks. "There is no systemic failure risk in this country," he argued.
The stock market has a lot going for it. "Low interest rates, oil prices, low unemployment, good GDP," he said. Of course, "that is the time things go down."
Meanwhile, if you have been heavily invested in stocks during the 200 percent rally since March 2009, the equity weighting of your portfolio likely increased substantially.
So it may be time to rebalance your holdings, says John Coumarianos, a former Morningstar analyst who now runs the website Institutional Imperative.
"Investors have enjoyed six years of generous stock returns — gains that have probably taken your portfolio out of balance," he wrote in an article for
MarketWatch.
"So it's a good time to take a sober look at your holdings by asset class. If your portfolio is out of sync with your risk tolerance and life goals, fix it by rebalancing."