Great July, but get ready for a market correction

What a month! In July, the Dow Industrials were up more than 8.5 percent, the best month on record since October 2002. The Dow Transports gained more than 10.5 percent for July, and both averages are trading at their highest levels in at least six months.

Have we left the bear behind? We turned to Richard Moroney, editor of Dow Theory Forecasts, to get his perspective on why July was such a good month and whether this could be a positive signal for the market.