The 10 percent drop endured by the S&P 500 index from Sept. 19 until Oct. 15 represents a natural correction and not the onset of a bear market, says David Rosenberg, chief strategist for Gluskin Sheff.
"Corrections are part and parcel of the investment process, and it is imperative to realize that what is most important for building wealth is not timing the market but time in the market," he writes in the Financial Times.
"This does not mean some cash should not be raised and risk taken off the table, but one has to stay engaged, because it is likely that what we saw unfold of late is only a near-term reversal in what is still an overall uptrend."
Bear markets arise out of tight monetary policy, recessions or both, Rosenberg says. While the Federal Reserve has completed its quantitative easing, most economists don't expect the central bank to tighten until at least mid-2015.
As for the U.S. economy, "our internal recession-odds monitor is still near zero and is pointing toward accelerating growth," Rosenberg writes.
Anthony Mirhaydari, founder of Mirhaydari Capital Management, is less enthusiastic about stocks. ​"On a number of measures, just as this [five-year] bull market has taken the crown of glory, it's looking long in the tooth and vulnerable," he writes in The Fiscal Times.
"Investors should start thinking defensively."
The bull market already is the fourth longest in history, Mirhaydari says. And the S&P 500 hasn't closed below its five-day moving average for 22 straight sessions. That's the longest streak since the 1990s.
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