Lockheed Martin is not giving back an inch today. Despite the broad market sell off, and an overbought(daily MACD) reading, LMT is in the green at mid day and remains well above this month’s lows. The powerful upside momentum released back on April 23rd following a solid Q1 earnings report remains intact. With this in mind we continue to regard LMT as a low risk buy at current levels. On the downside, a close below $328.00 would violate the May low sending a clear warning sign. On the upside, a clear take out of the April 23rd peak could spark a fresh rally leg.
At time of publication we are long LMT in some managed accounts.