Barron's ran a bullish cover story last summer; despite last week's selloff, they're sticking to their guns. In the 38 times since 1979 that the S&P 500 index took a single-session hit of 3% or more, the next 60 days has seen the index up 31 times, with an average gain of 6.9%.

Byron Wien of Pequot Capital still thinks the S&P could hit 1,600 by year-end, and says equities' 7% earnings yield compares favorably with the 4.5% yield on 10-year T-notes.