The technical definition of a bull market is a 20% gain in the index. We don’t know who came up with this arbitrary definition, but it stuck. Last year, global equity markets bottomed out on October 12th, 2022. Since then, they have rallied 20.3% (through 10/5/23), and year to date, they are up 9.0% (through 10/5/23). We are “technically” still in a bull market, but it sure doesn’t feel like one.