The Financial Post reports in its Thursday, Feb. 2, edition that if an equity market pullback does not occur in February, investors should brace for a bigger correction this spring, Canaccord Genuity Group warned in a new report. The Post's Jonathan Ratner writes that analyst Martin Roberge sees a risk of cyclical stocks overshooting in terms of valuation, as investor complacency appears to be running rather high. He cites the gap between the S&P 500 forward P/E ratio and the CBOE VIX, which has not been this wide since July, 1998, July, 1999, and August, 2000. Mr. Roberge notes that each of those months preceded significant stock market corrections. He says, "One risk factor that could trigger a setback in stocks is the intensifying risk of a U.S.-China trade war now that Mr. Trump and the Mexican wall issue appears to have taken a back seat." Sticking with the strategy of taking advantage of market pullbacks by adding equity exposure, Mr. Roberge notes that dips in 2017 may be the last ones he recommends buying. However, he points out that valuations for resource cyclicals are far from where they are at the peak of the cycle. He says earnings-per-share growth expectations still look reasonable.