A short-term market trend that is caused by seasonal or cyclical market conditions. In general, a cyclical market lasts for months, and in extreme cases for less than 10 years, usually less than 5 years. In such a market, stock prices and investor sentiment remain high (for a bull market) or low (for a bear market) for months or even years. The longest cyclical market of the 20^th century lasted almost eight years from October 1990 to July 1998.