But even that period pales in comparison to what happened during the fourth quarter of 2008. I am so fascinated by this period, that I've memorized the statistics. Of the 64 trading days during the quarter, the S&P 500 closed plus or minus 1% 50 days, or 78% of the time. Remarkably, there were 16 days that the index had daily moves of 5% or more. Between Nov. 19 and Nov. 24, there were four consecutive days that the index moved at least 6%. To fully put the fourth quarter of 2008 into perspective, consider that between 1950 and 2007, a 57 year period, the S&P 500 experienced a total of 19 occurrences of daily moves in excess of 5%; we experienced 16 during a single quarter. But the unprecedented volatility did not end there. During the first half of 2009, the S&P 500 had another 72 days that it rose or fell at least 1%. If you include the fourth quarter of 2008, of the 188 trading days over three quarters, there were 122 days of plus or minus 1% moves, or nearly 2 of every 3 days. ^SPX data by YCharts Now, back to the present. In June, the S&P 500 has moved plus or minus 1% on six occasions in 14 trading days, and is down about 4% since Wednesday. That's child's play, so far anyway. I don't pretend to know what's coming next. There are many who believe "this time it's' different" because the Fed is signaling that it will be cutting off the funny money in the near future, and that the markets will suffer further. We'll see. The market has a mind of its own, and the shores are littered with well thought out market prognostications which didn't come true. That's one reason I don't try to predict the near-term direction of the market. I am buckling up, however, for the ride, whatever it might be, and keeping a little powder in case Mr. Market provides a bargain or two. At the time of publication the author held no positions in any of the stocks mentioned.Follow @JonMHellerCFAThis article is commentary by an independent contributor, separate from TheStreet's regular news coverage.