Monday, September 20th, the S&P 500 sold off 1.7%. It was painful to watch. By Friday, the market recovered the losses and ended the week higher. Market pullbacks can be unpredictable but should be expected. In this chart, we see that since 1980 there have only been three previous years without a pullback of 5% or more. There have not been two years in a row without such a pullback. A drawdown of 5% or more before year-end would be typical. To go the next 15 months without a correction of 5% or more would be a statistical anomaly.