It feels like January all over again in the markets. 

The S&P 500 has roared back to its late January highs amid a strong second quarter earnings season. SunTrust chief market strategist Keith Lerner tells TheStreet the market will likely soon take out those highs, but that investors should not get complacent. Lerner says there could be several surprises this year that scare the bulls. 

"I expect you will see at least one more scare this year," Lerner says. "I think the market has digested the tariff news pretty well and the market consensus is that this is a lot of rhetoric, but if it turns out the Trump Administration is going to push this further that could be a scare. Also if the Fed becomes more aggressive than people expect [that could be a scare]. And, the U.S. dollar is up, financial conditions are a little tighter - if earnings halted a bit that could slow things up a bit."

Encouragingly, Lerner doesn't think fresh lows for the year are likely amidst such a scare. 

"The lows for the year are in for the year, won't revisit lows."

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