Market Preview: Tapping the Brakes

Updated from 8:03 for additional commentary on Wednesday's economic data.

NEW YORK (TheStreet) -- Late rally aside, there's some serious brake-tapping going on when it comes to stocks these days.

Take for instance, this commentary from Sam Stovall, chief equity strategist at S&P Capital IQ, early Monday.

"Not everyone can enjoy a meal without putting the fork down every now and again," he wrote. "And the same goes for equity price advances. Occasional periods of digestion helps one avoid indigestion. S&P Capital IQ's Equity Strategy Group believes the S&P 500 is heading for just one of these periods, and will likely experience a near-term decline measuring in the single-digits, as a result of recent price action and reduced volatility."

He also noted technical concerns and February's less than impressive historical record as pointing towards a near-term pullback.

"A price decline should not come as too much of a surprise to investors, as the S&P 500 typically (but not always) has given up ground in February," he wrote. "Since 1970, the S&P 500 posted its second-worst monthly decline in February."

According to data from S&P Capital IQ, February has averaged a 0.1% decline in the past 40 or so years, behind only September and its 0.9% loss.

Stovall still thinks his year-end target of 1400 for the S&P 500 looks good though, saying: "We believe that in the end, this decline will offer investors a reason to buy, not bail."

Meanwhile, on Tuesday, Dennis Gartman, a well-known investor who publishes commentary daily, weighed in as well, saying "for the first time in some while we are voicing a bit of concern about equity prices, fearing that a correction is hard upon us and overdue."

Gartman has been bullish on stocks since mid-December, and he remains so on a long basis, but added that "for the next two or three weeks, it may be wiser to reduce our exposure."

Bank of America Merrill Lynch also got in the act, voicing some concerns about earnings growth, and pounding the table about ponying up for "high quality" stocks. The firm said it doesn't think the good times will last for the lower-tier companies.