Is this a new Bear Market....or something else?

With volatility up and investors looking for any kind of perspective, what should you make of the stock market of late? Is this the start of the next Bear Market (and thus the end of the 2.5 year old Bull Market)? Or is it something else. If you look at the other Bear Markets of 1973-1975, 2000-2002, 2008-2009 and comparing them to the panic Corrections of 1962-63, 1987, and 1998, what can you learn?

Recently, the 50-day moving average crossed below the 200-day ("death cross"). Cantor Fitzgerald technical analyst Marc Pado says that the death cross is not as significant as it used to be. "It used to be an indicator because the markets would slowly break down...they wouldn't move so rapidly"
Pado says there's a lesson to be learned from the death cross that formed in July 2010, when stocks did not enter a bear market, but instead were setting up for another rally that started at the end of the summer. http://www.cnbc.com/id/44166154

The Dynamic Hedge blog looks at the comparison to 1998 and states, "1998 is quite similar in that it was a banking crisis (LTCM getting wiped out) which seemingly came out of nowhere. But to me that's really where the similarities end. Some of the critical differences between now and 1998 are the fact that they didn't have a huge worldwide bear market in the rear view mirror. Plus the fact that in 1998 they were not just at 52-week highs, but all-time highs. Clearly the psychology and sentiment is very different now- where they had a raging bull, we had a kind of Shetland Pony bull." http://dynamichedge.com/2011/08/13/not-out-of-the-woods-yet/

Blogger chessNwine recently put out a video blog looking at prior stock market crashes and the differences between the 1998, 2002, and 2008 bear markets, and analyzes how their bottoming processes played out. http://ibankcoin.com/chessnwine/2011/08/09/prior-stock-market-crashes-video/

This week, Bill Valentine takes a few minutes to put the current environment into perspective, drawing from historical examples of 1973-75, 2000-02,
2008-09 and comparing them to 1962-63, 1987, and 1998..

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Education

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you lost me at "we have a reasonable sound economic picture"