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    Are We in a Bull Market Beginning or a Bear Market Correction?

    by Mark Hulbert

    Does the rally that began this past March represent the beginning of a new bull market? Or is it merely a correction within an on-going bear market?

    There is no consensus answer to these questions among the investment newsletters monitored by the Hulbert Financial Digest. But a few newsletter editors have suggested that this issue can be analyzed by comparing market leadership in the current rally with the investment styles that have led the way out of prior bear markets.

    I took these newsletter editorsÂ’ suggestions to heart in preparing this column. And what I found was a significant difference between how this stock market has behaved since March, and how it behaved at the end of each of the prior bear markets.

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