Strong market rallies — even three - to four-year cyclical bull markets — can take place inside a longer bear market trend.

股市强势上升——甚至升个3到4年的周期性牛市——在长期大熊趋势中也是可能的。

youdao

So, for example, in the latter stages of the current cyclical bull market, gold and other hedges against inflation got relatively cheaper as stocks continued to soar.

举个例子，在当前这个周期反弹到后半段的时候，在股市飙升的同时，黄金和其他通胀对冲保值产品会相对较为便宜。

youdao

Then, there are some who posit this is a cyclical bull market in a secular bear.

FORBES: The Most Hated Bull Market Ever

For starters, it is quite clear that investors continue to enjoy what most see as a cyclical bull market that began on March 9, 2009.

FORBES: DJIA Powers Ahead While Other Indices Falter

The first cyclical bull market since the secular bear market began, carried the market back up to its peak of 2000 before the 2007-2009 cyclical bear market took over.

FORBES: This Bull Market Could Hit Old 2000 Peak Before Ending