The "buy the dip" strategy is still in play, according to Matthew Cheslock, an equity trader with Virtu Financial.

"It was the first session in 50 that we saw a decline of more than 0.5%," said Matthew Cheslock, an equity trader with Virtu Financial, adding that Thursday's rebound was largely due to strong quarterly results from Walmart (WMT - Get Report) .

The S&P 500 is up 15% since the start of the year.

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