Volatility will return to the stock market this year after virtually a one-way market in 2013, says David Bianco, chief U.S. equity strategist at Deutsche Bank.

The Standard & Poor's 500 Index soared 29.6 percent last year and hasn't experienced a correction of at least 10 percent since October 2011.

"The point is, we have a normalizing economy, [we're] returning to normalized earnings growth and we've returned to normal valuations," Bianco said in a briefing to journalists, CNBC reported.

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"That's not a big deal or a reason to be bearish. But I think you should be mindful that when you've got normal earnings growth and normal valuations, you're probably going to get normal volatility, and normal volatility is higher than what we've seen in 2013."

Bianco believes the S&P 500 may well break 2,000 this year and then come back down to 1,850. The index closed Friday at 1,842.

That puts Bianco well below the average Wall Street strategist's year-end forecast of about 1,955, according to CNBC.

To be sure, he's bullish for the long term. "Buy the dips," Bianco stressed. "But I'm also saying in advance, wait for the dips."

Others anticipate increased volatility in 2014 too. "Although history doesn't demand that we have a 10 percent correction this year, I wouldn't be surprised to see one," Norman Conley, chief investment officer at JAG Capital Management in St. Louis, told the St. Louis Post-Dispatch.

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