The stock market has risen about 90% since the March 2009 lows. Mind you, that rally followed a steep 57% decline. Still, in light of the gains of the past two years, how can some analysts say we’re still in the midst of a secular bear market?
Bulls vs. Bears
For those who are new to stock market lingo, a bull market is one where the primary trend is upward. A bear market means stock prices are falling. A secular trend usually refers to a longer-term trend, whereas a cyclical trend reflects the short-term market momentum. So you can have a cyclical bull market within a larger secular bear market and vice versa.