The Bull Market Obsession: Wall Street Experts Weigh In.

The idea that a 20% rise from a recent low puts us in a bull market has no rational basis, according to Allan Sloan. Most of the rise in the US stock market is based on eight stocks, which he calls the Elite Eight. The Wilshire 5000, which measures total return, covers the total US stock market and gives a better overall picture of what's going on than the S&P. The Wilshire weight of the Elite Eight was only 24% as of June 13, compared with their 27% in the S&P. More than two-thirds of the Wilshire’s 14.3% return so far this year comes from those eight stocks.