It's not a bull or a bear market, it's a 'bunny,' says Jim Paulsen

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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.

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"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 benchmark is pretty much unchanged from where it sat in early November 2014, shortly after the Fed ended the third round of quantitative easing.