diff --git a/python/markdown/markdown.py b/python/markdown/markdown.py
index 6f83971..f9824e9 100644
--- a/python/markdown/markdown.py
+++ b/python/markdown/markdown.py
@@ -2,34 +2,29 @@ import re
 
 
 def parse(markdown):
-    res = ''
-    in_list = False
+    result = ''
     for line in markdown.splitlines():
 
-        match = re.match(r'^(#{1,6}) (.*)', line)
-        if match:
-            level = len(match.group(1))
-            res += f'<h{level}>{match.group(2)}</h{level}>'
-            continue
-
         line = re.sub(r'__(.*)__', r'<strong>\1</strong>', line)
         line = re.sub(r'_(.*)_', r'<em>\1</em>', line)
 
-        match = re.match(r'\* (.*)', line)
+        match = re.match(r'^(#{1,6}) (.*)', line)
         if match:
-            if not in_list:
-                in_list = True
-                res += '<ul>'
-            res += '<li>' + match.group(1) + '</li>'
+            level = len(match.group(1))
+            result += f'<h{level}>{match.group(2)}</h{level}>'
             continue
 
-        if in_list:
-            in_list = False
-            res += '</ul>'
+        match = re.match(r'\* (.*)', line)
+        if match:
 
-        res += '<p>' + line + '</p>'
+            if result.endswith('</ul>'):
+                result = result[:-5]
+            else:
+                result += '<ul>'
 
-    if in_list:
-        res += '</ul>'
+            result += '<li>' + match.group(1) + '</li></ul>'
+            continue
 
-    return res
+        result += '<p>' + line + '</p>'
+
+    return result