Fear has returned to the market. On Monday, stocks suffered their biggest one-day drop since November. Volatility spiked.

At a time like this, the average investor needs to take a breath, calm down, and consider the "long view" on what's happening...

The "long view" in this case is a picture of the S&P 500 Index since early 2009. This is the index professional investors use to gauge the market's price action.

As you can see, the S&P 500 has enjoyed a "stair step" series of higher highs and higher lows. And while a few days of selling has a lot of people spooked, the long view shows the market could fall much farther from here (say, a 10% correction to around 1,400) and still remain within its long-term uptrend. Keep this bit of perspective in mind...

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