The stock market in July has been setting new highs in the post-crash era. The S&P 500 for a time on Monday traded over 1238, the highest since mid-2001, and yesterday closed nearby that level at 1231.16. Yes, equity prices generally are still a long way from the glory days before the tech bubble burst. The close of 1527.46 set on March 24, 2000 still stands as the all-time high for the S&P 500, or roughly one-quarter higher than yesterday’s close.