I believe there are only two phases of financial markets. These two archetypes apply to stocks, bonds, commodities, real estate, etc. At any given point the stock market is either FUBAR (not what you think) or trading on FUMES to one degree or another.

The FUBAR market reaches its maximum at a bear market bottom:

Fear
Uf
Buying
And
Regretting

Conversely, the market trading on FUMES reaches its maximum at a bull market top:

Fear
Uf
Missing
Equities
Surge

Because these two phases hold the key to the market’s future direction it’s of paramount importance to every investor or trader to identify whether the market is currently FUBAR or trading on FUMES and to what degree.

Quiz: (a) is today’s stock market FUBAR or trading on FUMES and (b) to what degree?