Stock market rallies, but money managers advise caution

The recent eye-popping gains in the stock market offered a rare bit of sunshine in the middle of a worldwide economic tsunami. But institutional money managers are cautioning investors into reading too much into the rally.

"We are still in a long-term bear market . . . not the beginning of a long-term stock market rally," said Peter Demirali, vice president and portfolio manager with Cumberland Advisors of Vineland, N.J., which manages $1 billion in assets, in an interview.