10% Corrections Are Not That Ordinary

Interesting nugget here from BTIG's Dan Greenhaus (@danBTIG):

Contrary to what you may hear, 10% corrections are not ordinary. In fact, as one might infer, most of the corrections cited occurred during the late 1960s and 1970s. Since then and outside of bear markets, they have been somewhat unusual (although Europe caused one in 2010 and Washington caused one in 2011). "Normal corrections" tend to be anywhere from 5-8%, which is basically what we had/are having. If that's the case, and our underlying fundamental views have not shifted (they have not), then stepping into markets down more than 5% should prove rewarding over time.