Mark Hulbert: This bull market may be just two weeks old

Think that the current bull market is the longest in U.S. history and close to dying?

Think again. The current bull market may be less than two weeks old.

That’s because of the high percentage of stocks that recently traded more than 20% below their 52-week highs. A 20% drop is the semi-official definition of a bear market, and in late October more than half of exchange-listed stocks satisfied this criterion.

That crucial fact has been overlooked by almost everyone because they focus on the major market averages. At the market’s Oct. 29 low, for example, the Dow Jones Industrial Average DJIA, -0.83% was just 8.9% below its all-time high, while the S&P 500 SPX, -1.02% was just 9.9% below.

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