Bearish is a term used to suggest that a market or stock is going to decline in price. The term bearish can be used both for a trader or a stock. A bearish trader or a bear is one who is expecting the stock price to go down and therefore resorts to selling of stock. A stock or market in bearish phase is one that is generally declining.
Normally a decline of 15-20% in a market or stock indicates that it is in a bearish phase (a.k.a. bear market).
Related Terms: Bullish – Bear Market – Bull Market