The article summarizes a chart showing that the current stock market rally that began over a year ago has gained less than average and lasted a shorter period than most major rallies according to historical data. Most rallies last between 200-800 trading days and result in gains of 30-150%, but the current rally has entered the lower range in both duration and magnitude. There is debate whether this signals a bull market within a longer bear trend, or the start of a secular bull market, with the author agreeing with David Fuller's definition of a bear market being a period of contracting valuations rather than an outright market decline.

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Chart Of The Day: Stock market rallies
Chart Of The Day The published an interesting chart providing some historical perspective
to stock market rallies.
The current Dow rally that began just over one year ago can be classified as
both short in duration and below average in magnitude: most major rallies (73%)
resulted in a gain of between 30% and 150% and lasted between 200 and 800 trading days
has entered the low range of a "typical" rally and would currently.
The question often asked is whether this is a bull rally in a bear trend or a secular bull
market. The definition a bear market is probably more important: in my opinion, and I
agree with David Fuller (www.fullermoney.com), it is a contraction in valuations; this
contraction does not mean that the stock market must fall, it may just trade in a range for
an extended period of time or grow very slowly, and well-below historical average.
Source:
Chart Of The Day : Stock Market Rallies (Dow since 1900)
http://www.chartoftheday.com/20100319.htm?T
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