A Fundamental Bull Market or Speculative Binge A fundamental bull market is supported by broad based economic growth which spurs solid growth in worker's wages and organic growth in corporate revenue and cash flow. The steady increase in economic activity lifts the stock market but the market's valuation is below the 75th percentile of historical valuations. A fundamentally driven bull market is not dependent on the economy needing an extraordinary amount of fiscal stimulus to avoid a recession and surge in bankruptcies Please share this article - Go to very top of page, right hand side, for social media buttons.