NEW YORK (CNN/Money) - Sell in May and go away the old saying goes. Following that advice this year, so far, wouldn't have been a bad thing.

Since the beginning of June, the market has barely budged, with the S&P 500 locked in an incredibly tight channel. It looks as if stocks have fallen into their typical seasonal pattern, with a big jump out of a messy October that peters out into sleepy, rangebound trading once summer gets underway. That's troubling, because seasonally August and September have historically been awful months for the market.

August and September are traditionally the worst months for the markets. Justin Lahart, senior writer at CNN/Money, tells why this year won't be any different. Play video (Real or Windows Media)

Nor is it just the "seasonals" -- which many market players disparage in any case -- that has Wall Street worried that stocks could run into a rough patch.

It's easy to come up with reasons to sell stocks now, and even easier to come up with reasons not to buy any more. To begin with, there's just that the market has done so well since October, and valuations are looking stretched. Earnings expectations for the third and, especially, fourth quarters look like they could be overly optimistic.

The fall in bonds has become a cause for concern on several fronts. First there's the worry that Treasury yields may be attractive enough to pull some investors out of stocks. Second, the drop in bonds has been so sharp that it may be hurting some financial institutions. And third, the rise in rates may pose a significant headwind for the economy as it fights its way to recovery.

Even without worries over rates, the market may be disappointed by the pace of economic growth. Although business is forecast to pick up in the third and fourth quarters, things will hardly look rip-roaring. True recovery won't kick in until companies start hiring again. That will take time.

Or to put it another way, it seems like there are good chances seasonal effects could kick in, because fundamental investors are being given such good excuses to get out.