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The recent rally in equities has returned a certain sense of non-Armageddon to the markets. That's clearly a good thing. But before anyone gets too pleased with all this "better-than-expected" data, let's be serious about what's happening out there. A few relevant items:

Let's be clear here. We welcome good news, and some recent reports have indeed been less-horrific than "expected." And we know that Wall Street often moves in relative terms, with underlying expectations providing the backdrop against which traders and investors operate in the short term. But as we noted in a recent post, the likeliest outcome is a slow-growth environment for some time to come.

Bottom line: This is a bear market until it proves otherwise.

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* This is not a typo. We could have gone with "dark," but dank is one of our favorite words. Always has been.

Source: Let's Not Get Carried Away: It's Still a Bear Market