What Kind of Bear Market?

Q2 has just ended,and earnings reports will soon be rolling in,so investors are wondering what lies in store for them.Analyst Phillip Roth of Miller Taback notes that we just completed a bear market in May,and we're on the way down again.It's an average bear market,which means going down to 1175 on the S and P 500 Index.It's not a killer bear like the market of 2000-2002,but the commodity markets haven't weakened at all.It could take a while before long term rates drop,which is the condition for a new bull market.If we get down near my target and we see no break in long term rates,I'm going to lower my target,Mr.Roth promised.In a bear market,there may be good days interspersed with the legs down.