The Real Bear Market
Contrary to most investor's understanding we have been in a bear market since stock prices peaked in March of 2000. The bear market is still in effect because the S&P 500 did not exceed the high from 2000. As the yearly chart of the S&P 500 shows, from 2003-2007 the market was simply attempting to break even from the dot com bubble. The best the S&P 500 was able to do in 2007 was match it's price peak from established seven years earlier.
The market spent five years (2003 - 2007) attempting to regain the losses from 2000 - 2002. In the last year the bear market has reasserted itself and wiped out gains going back to 2004.
Michael