Hi Voltaire,
I don't know who defined the 20%, or what it means from here. But, by definition the nasdaq and sp500 are in bull markets.
Historically the market turns up 6 to 9 months before the economy, so if the lagging indicators turn upwards late 09 to early 2010 the timing of the beginning of the new bull market could be now.
merry crashmas, page-24
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