Dr. Julie Peterson-Manz reviews the Around The Horn stock action for July 22, and presents trade ideas that still have the possibility of triggering for July 23.
A look at the weekly chart for GLD shows the formation of a "symmetrical triangle" that has been developing, and could indicate an eventual up-side breakout above the upper channel resistance of the triangle.
Overall, the resilience of equities continues to suggest that the bulls are prevailing against the sceptics, but there are still some key hurdles to be confronted by several laggard indices.
The indices ended mixed on the session. After a strong morning, they backed off in the afternoon in a 3 wave decline, but firmed in the last 10-15 minutes to take back some of the afternoon pullback losses.
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