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The Stealthy Bear Stalking the Dow

Could we be in a stealth bear market? On the face of it, the question is bizarre: A bear market is usually defined as a 20% fall from a peak, but the S&P 500 is just 1% off its all-time high. If you hold the index, you would laugh at the idea that this is anything other than a bull market, albeit a rather slow one.

Yet almost every other measure suggests a bear market started last year. Dig into the S&P 500, and it is sending a deeply downbeat message, too.

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