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Does a strong surge in common stock prices, like this market's run-up, anticipate an exceptional economic recovery? Not necessarily, according to Leonard H. Lempert, director of Statistical Indicator Associates, in North Egremont, Mass. He says such a theory is ''fantasy.''

Mr. Lempert points out that the 1961-69 economic recovery was the strongest by his reckoning, yet stock price increases were relatively low. And before the 1954-57 recovery, stock prices jumped by almost the same percentage rate as they did during this latest rally, but the recovery was one of the weakest, Lempert figures.

Lest one conclude there is an inverse relationship between stock prices and economic recoveries, he says that ''there is no sound basis'' for such an assumption. ''This is an average economic recovery, no more, perhaps a little less. Plan on its continuing,'' he adds.