Is the four-year bull market that has seen stocks more than double since the panic lows another illusion?

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Then in early March, 2009, when the 2008-2009 financial meltdown seemed at its worst, near panic that the economy was headed still lower into the next Great Depression, the widespread opinion being that the massive bailouts by the government could not possibly work, the stock market launched into what has become an impressive four-year bull market.

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Our ratings for domestic stock funds look at long-term performance over four bull and bear market cycles stretching back 12 years.

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The breakout back into bull market territory occured during a four-day stretch of consecutive higher closes that sent FCX to their highest level since August.

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Also, secular bull markets rarely begin after markets double in four years and are nearing all-time highs.

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Consider the sell-offs in utilities stocks trading in bull market territory such as Duke Energy (DUK), down four in a row and finishing in oversold territory for a second straight session, and PPL Corporation (PPL).

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