http://www.safehaven.com/article/21211/basis-of-the-bear-market-rally
"Of late, I have been receiving questions asking how I can justify saying that the advance out of the March 2009 low is a bear market rally. After all, doesn't a rally of some 26 months have to be a bull market? No, it does not and I continue to believe that this is a bear market rally that will ultimately separate Phase I from Phase II of a much longer-term and ongoing secular bear market."
Tim uses cycle theory and I have found his work to be worthwhile reading.
Duratek
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