With the Standard & Poor's 500 Index trading 6.1 percent below its record high at one point last week, some market participants are looking for a major market pullback.

While the market rebounded to end last week higher, "the selloff was quick and sharp enough to remind investors that corrections are inevitable," Mark Hulbert, editor of Hulbert Financial Digest, writes in The Wall Street Journal.

"So it might be a good idea to move at least some of your money into stocks that can best weather a downturn."

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And what stocks are those? "Historically, those are large, established companies with little debt, a high return on equity, a long record of earnings growth and limited earnings volatility," he notes. "Wall Street has a name for them: quality stocks."

Hulbert came up with a list of 10 quality stocks. First, he assembled the 100 companies rated "A" for financial quality by Ford Equity Research. Then he narrowed the field to stocks with a price-earnings ratio, based on trailing 12-month earnings, below 13.

The stocks also had to be recommended by at least four advisers monitored by the Hulbert Financial Digest who have beaten the S&P 500 over the last 15 years.

The winners: Aflac, Allstate, Wells Fargo, Bank of Nova Scotia, Royal Bank of Canada, Apple, Cisco Systems, AT&T, Chevron and IBM.

Despite stocks' recovery last week, some investors remain cautious.

Severely oversold conditions have "now blossomed into buy signals, but there is still a much larger intermediate-term bearishness in place," Larry McMillan, president of McMillan Analysis, writes in a commentary obtained by Reuters.

Editor’s Note: Secret ‘250% Calendar’ Exposed — Free Video

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