IS THIS A BULL MARKET OR NOT?

The answer varies acording to who you ask. Two well respected authorities on investing give two different answers.

According to Steven Goldberg, D.C. investment advisor, many investors have simply stood by and watched during this bull market, which began on March 9, 2009. He has stated that $4.8 trillion is invested in stock mutual funds. But, as a group, investors have been selling, not buying, during one of the most powerful rallies in history. The fear of more losses has been a more potent consideration for most investors.

Furthermore, the investors who rushed into bond funds have made a poor choice because the Fed, by sustaining short-term interest rates near zero and pumping money into our Nation’s dilapidated economy, may be setting the country up for a significant jump in inflation in the near future. At which time, bond yields will likely rise, thus, pushing down bond prices.

He also states that “over time, two-thirds of actively managed mutual funds fail to match the returns of the index they’re trying to beat.” Earning fund investors a lot less than what this bull market offers.
He offers some advice on how to improve your returns. Goldberg states that for the most part, casual investors should use common sense. “Keep your costs low, invest small amounts regularly, and shy away from investments you don’t understand.” If you have to invest in mutual funds, he recommends you “stick to a portfolio of index funds, and most importantly, do not try to time the market, especially in the short term because no one can.” I will add my own bit of wisdom here “if someone tells you they can time the market they are either a fool or a liar.”
http://www.kiplinger.com/columns/value/archive/investors-are-missing-the-bull-market.html
On the other hand, Todd Harrison, founder and CEO of Minyanville has written a commentary that was published on Yahoo: finance. He gives 10 reasons why he believes that most investor think this is a bull market but in reality “we are witnessing a cyclical bull market in the context of a prolonged and painful secular bear stretch”. Harrison states that it his opinion that the tide is about to turn.

His 10 reasons are (and I summarize)
"Questions remain on a Greek aid package in front of 20 billion euros in debt that comes due in April and May.

New health care legislation could add hundreds of billions of dollars to already yawning budget deficits.

State budgets are cracking and unfunded pension liabilities have reached $452 B.

Societal acrimony has evolved into social unrest in some parts of the world, and economic hardship is pointing towards geopolitical conflict.

Complacency abounds, as measured by traditional volatility measures such as the Volatility Index.

Protectionism in the US, China, Greece and many other countries continue to grow. Protectionism is on the opposite end of "globalization" on the prosperity spectrum.

The official unemployment rate is just below 10%, but nearly 1/5 of Americans is underemployed for various reasons.

Interest rates have one way to go, and PE ratios never dipped and debt-to-GDP ratios will approach or exceed 100% in all G7 countries by 2014, with the exception of Germany and Canada.

The Congressional Oversight Panel warns that commercial real estate losses at banks alone could reach $300 billion starting in 2011.

and Most have even forgotten about the housing crisis. There are still massive amounts of toxic residential mortgage backed securities that remain on the private and public balance sheets."

He also states “If you asked me for my near-term opinion, I would offer that the tape tops out before quarter-end under S&P 1200, consistent with the path of maximum frustration as fund managers reach for performance.”
http://finance.yahoo.com/banking-budgeting/article/109164/the-falcon-and-the-snowman