### Comment:
It’s not his definition. It’s the conventional wisdom as to when a bear market is over, when it recaptures and surpasses its previous highs. We only did that on one index. 
  
 Yes, if you fall 20% from an all time high then you are still in a bear market by definition until you make new highs.

### REPLY:
Agree to disagree. I do agree with him that the NYSE composite or the VALUG are better measures of the state of the overall market than the Dow or S&amp;P, but even the NYA has been indisputably in a major bull market since mid-December. 
  
 To say we are in a bear market because we haven't surpassed the all-time highs in the NYA from Jan '18 is being pretty selective. So will he turn bullish if we go above the all-time highs? Something makes me doubtful.

### END.