It's a bear market, Thomas. The major trend and supercyle trends are down.

Sentiment indicators like coppering Cramer are weak indicators.

Rallies will occur. But a rally from Dow 8500 to Dow 9500-9700 would just set up another major selling opportunity.

The Dow-Jones Industrials still yield only 3.77% (dividend yield), well below the historic mean. The U.S. is entering a slow-growth environment. Dividend growth will be low or even negative as some firms run into deficits. Yields will therefore have to go higher in order for stocks to provide a decent return for the risk involved.

Historically, a 5-6% dividend yield on the Dow is not at all unusual. The year 1982 saw 6% yields. Higher yields than that have occurred.

Yields of 5-6% equate to a Dow Industrial Average of 5300-6400, which is substantially lower than its present 8500.

It's a bear market.