---
title: "What does the framework of a bear market look like?"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40125346.md"
description: "During the years of the internet bubble crash from 2000 to 2002, the Nasdaq's total decline was −78%. Along the way, there were several decent rebounds: +35%, +12%, +25%, +41%, +45%. Each one seemed like the bottom, each one was a trap. The cruelest was that +45% wave, which gave you a glimmer of hope just before the final collapse. This is the skeleton of a bear market. It throws out fierce rebounds, first shaking out the shorts, then luring the longs back in, only to continue its downward slaughter."
datetime: "2026-04-23T05:09:03.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40125346.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40125346.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40125346.md)
author: "[彼得.林奇的交易员Jeff](https://longbridge.com/en/profiles/17107631.md)"
---

# What does the framework of a bear market look like?

During the years of the dot-com bubble crash, the Nasdaq

from 2000 to 2002

saw a total decline of −78%.

Along the way, there were several decent rebounds

+35%  
+12%  
+25%  
+41%  
+45%

Each time it seemed like the bottom was in.

Each time it was a trap.

The most brutal was that +45% wave.

It gave you a glimmer of hope just before the final collapse.

This is the anatomy of a bear market.

It throws out vicious rallies, first shaking out the shorts,  
then luring the longs back in,  
only to continue its descent.

### Related Stocks

- [NDAQ.US](https://longbridge.com/en/quote/NDAQ.US.md)

## Comments (3)

- **厉害钊 · 2026-04-23T06:37:04.000Z**: So, do you think this rebound is driven by short covering?
  - **彼得.林奇的交易员Jeff** (2026-04-23T07:08:14.000Z): Looking at the VIX trend, the pit is very deep.
  - **厉害钊** (2026-04-23T07:45:27.000Z): How to understand this pitfall?