An Expanding Economy Doesn’t Guarantee a Bear-Free Market $DJIA
By Christopher Mistal

Using either bear market definition, more than half of all bear markets over the past 114 years have occurred without a recession or began more than a year before a recession.

DYI Comments:  Christopher Mistal of Stock Traders Almanac has two very great graphs showing market declines and the economy.  It really does bear out (sorry for the pun) a little more than half of bear markets have occurred without a recession.  Of course a nasty recession on top of a bear market makes everything worse especially if you are out of work.

DYI