Before bottoming on Feb. 11, it looked like stocks could be heading into a bear market. The subsequent rebound, though, suggests the bull is back on.
In fact, the truth may be neither. The current trend looks more like a "bunny market," according to Jim Paulsen, the widely followed chief market strategist at Wells Capital Management.
What's a bunny market? It's certainly not like the Easter Bunny, who goes around handing out treats, but instead more like a rabbit bopping up and down in place.
"Unlike an enthusiastic bull or a scary bear, a bunny market hops about a bit but really doesn't go anywhere, and bunnies have often dominated the stock market during the latter stages of past economic recoveries," Paulsen said in a report this week for clients.
Indeed, the market has hopped quite a bit over the past 15 months or so, but the S&P 500 benchmark is pretty much unchanged from where it sat in early November 2014, shortly after the Fed ended the third round of quantitative easing.