A widely followed market timer says it's been a bear market since summer — and it won't end until October, with a preliminary bottom in April. Still, despite a flight to shiny metals, a bear market in stocks does not make a bull market in gold, he said.
"You should understand that when you're in a bear market, you can still make money," said Tom McClellan, technical analyst and editor of both The McClellan Market Report and The Daily Edition. "As long as you're either trading with the trend or trading against the trend and knowing which to do at which time."
January's sell-off looks like a "near-perfect replica" of market patterns in 2008, McClellan said Thursday on CNBC's "Closing Bell." But he predicts the outcome will be about half the severity of the bear markets of 2001 and 2008.