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• AP P E N D I X E •
Helpful Information
Understanding the Trend
Secular Bull and Bear Markets
Secular bear markets can last 12 to 18 years in length where the major
indexes don’t make significant price progress and can suffer sharp overall
price drops over portions of the period. They are followed by secular bull
markets that can last from 20 to 30 years. Since 1900, the indexes have
gained from 200% to 1355% during these secular bull market periods.
Cyclical Bull and Bear Market Cycles
There are cyclical bull and bear market cycles within the overall secular
trend. A cyclical bull market lasts on average from 2 to 4 years. A cyclical bear
market lasts from 3 to 9 months and in rare cases as much as three years.
IBD has studied the 27 bull and bear market cycles going back to 1880.
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