Another day, another volatile trading session.

The S&P 500 failed to stay in the green and fell into correction territory on Monday — for the first time since April 2. It’s now shaping up to be the index’s worst month since 2009.

However, that’s not pushing long-term bull Richard Bernstein into bear territory.

Bernstein, an Institutional Investor hall of famer, partly attributes the wild market swings due to a growing divide between investor fear versus corporate and economic fundamentals.

“That gap is very wide now,” the Richard Bernstein Advisors CEO said Monday on CNBC’s “Trading Nation. ” “It’s clear that investors are very scared that somehow we’re replaying 2008. But, yet the fundamentals still are very healthy.”

So far this earnings season, nearly 8 in 10 companies have reported better-than-expected earnings. According to Refinitiv, that’s 26.3 percent higher versus third quarter 2017.

Bernstein, a CNBC contributor, cites strong earnings as a major element of his bullish forecast. But, more and more people are interpreting it as warning signal that peak earnings is here.

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