"In this kind of environment, with expectations so high, a 10 percent correction is a normal situation," she said.

I do think the market could have a 15 percent correction before year-end 1997.

The stock market, which rose steadily for most of the 1990's, went from 1991 to 1997 without a 10 percent correction in the Dow.

"I wouldn't be surprised to see a 15 to 20 percent correction," he said.

"You can well see 40 or 50 percent corrections."

"If one looks hard enough, they can see a 25 percent correction has already taken place in some stocks," he said.

I've been saying for a while that we should be seeing a 20 to 30 percent correction.

"There have only been two other times than this when the market has gone so long without the Dow having had a 10 percent correction."

Until this summer, the stock market had roared ahead for six years without the usual 10 percent correction.

Since 1980, there have been 13 rallies of longer than 149 days without a 5 percent correction.