Bloomberg, You're Better Than That

The money quote from Bloomberg:

" The Standard & Poor’s 500 Index took seven weeks to fall 20 percent and give President Barack Obama a bear market. To reach a bull market, it needed 10 days. "

I don't believe in 10 day bull markets, whoever came up with the 20% rule for bear and bull markets is a moron. Time is an important element that is often ignored in the general trend of the market and 10 days is hardly enough to call a trend.

This is a bear market until its not, only with time will we truly know whether the 666 S&P lows hold and a new bull market did indeed emerge. If you follow this inept rule, this would be the third bull market we have experienced in the last year. I think it is safe to clearly label the last year of trading a well defined bear market.