Before revision:  In particular, we describe an experiment with one hundred log-returns and two states in which the methodology automatically associates one state to periods with average positive returns and the other state to periods with average negative returns, therefore discovering spontaneously the common classification of `bull' and `bear' markets.
After revision:  In particular, we describe an experiment with one hundred log-returns and two states in which the methodology automatically associates states prevalently to pre- and post- crisis periods with one state gathering periods with average positive returns and the other state to periods with average negative returns, therefore discovering spontaneously the common classification of `bull' and `bear' markets.