Not so fast, bulls.

While the bulls have regained market sentiment, they may not want to get too enthusiastic. 

"The market usually cheapens up a lot in these corrections -- the problem is that it hasn't cheapened up enough," said long-time market strategist David Rosenberg at Gluskin Sheff. 

Rosenberg highlights two factors for the bulls to keep in mind. 

Price-to-Earnings Multiples

"While the forward price-to-earnings multiple has compressed from 18.4 times to 17 times, the typical contraction in corrections like these is three and a half points," says Rosenberg. "So we are about halfway there -- another two points or so of multiple compression has to come."

The Bulls Need a True Pounding

Rosenberg notes that bullish sentiment on the market, as measured by Market Vane, has only dipped to 70% from 72% during this pullback. Typically at the panic low, Rosenberg says, the Market Vane reading is sitting at 38%.

"Not once in any corrective phase of 10% of more on the S&P 500 did we hit bottom with this measure of bullish sentiment higher than 50%," Rosenberg stresses. 

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