There's some good news and some bad news in the stock markets recently. The good news is that the Dow industrials and the Dow transports simultaneously exceeded their highs for the year July 26. This is confirmation of a trend that, under Dow theory, concludes we are in a bull market in stocks. The bad news is that this is not a fixed rule, and it's unlikely the market can go much higher from these levels for a variety of reasons.
