Dow Theory: Dead or Alive
The stock market has made new all-time highs this year. All one could do was to stand in awe at the powerful performance it displayed. There are those who contend that a new bull market has begun, rising phoenix-like from the ashes of the 2002 decline that saw the market give up nearly a third of its value in less than a year. The following paper will examine the question as to whether this is a new bull market or something else. History doesn't necessarily repeat note for note, but is sure does rhyme, often times in a different key.