Glossary

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Term	Abbreviation	Description
Hidden Markov Model	HMM	This is a process where the exact state of the system is not known but can be estimated from a set of observations. See this Wikipedia page for more detailed treatment of the mathematics behind HMMs.
Regime	Regime	A state of the HMM. Since these are hidden (you know, the H part of HMM :) ), the purpose of our efforts here is to estimate the various regimes given a set of observations. When talking about financial markets, we may describe regimes as Bull, Bear, Sideways, Crisis, or Euphoric.
Bayesian uncertainty quantification	UQ	Characterization of the uncertainty present in the world. Because we’re dealing with statistical systems (maybe even stochastic systems in some cases), it is not possible to know or understand all sources of error or uncertainty in our observations. UQ is the means to try and quantify these values. See this Wikipedia page
Bull	Bull	A market condition where prices generally increase.
Bear	Bear	A market condition where prices generally decrease.
Sideways	Sideways	A market condition where prices are generally stable; potentially increasing or decreasing but mostly remaining stable with some volatility in measured values.
Crisis	Crisis	A market condition where prices are decreasing sharply.
Euphoric	Euphoric	A market condition where prices are increasing sharply.