Fundstrat Global's Tom Lee isn't so worried. In fact, he's got a 2,325 year-end target for the S&P 500. That's 11% higher from Friday's levels.
"[W]e continue to see a "catch-up" trade for US equities through year-end," Lee wrote in a note to clients.
"The natural question is what is expected to outperform into year-end? In addition to our cyclical tilt, we believe 'contrarian-style' stocks will show leadership into year-end."
Lee defines contrarian stocks loosely as those that have underperformed the market (i.e. lag the Russell 1000 over the past three years), but have improving fundamentals. He handpicked 10 stocks from a pool of 125 that he thinks could be the market through the end of the year.