It is true that the broad S&P 500 has not gone through a by-the-book 10 percent decline since October of 2011. “One of the things that has kept the rally going is that it has had rolling corrections along the way,” said Jim Paulsen, chief investment officer at Wells Capital Management in Minneapolis. In fact, the bond market looks pricier – so investors that in the past would have switched to fixed-income are instead shifting funds around among equity-market sectors.