Diary of a Financier

Opened Trade: Long Lockheed Martin

In Capital Markets on Fri 31 Dec 2010 at 16:31
  • Bought LMT on ST bullish divergence.
  • Target: $73 after gap filled between $71-72.

Per the On Deck Circle earlier this week, I bought Lockheed Martin (LMT) early in today’s session.  I’ve been tracking LMT  as it’s continued a path of bullish divergence on its short-term charts…

LMT Daily

 

In this divergence, the Market is telling me that LMT has hammered out a bottom since September.  The long-term picture for LMT is still developing, so for now, I’ll target an exit at the $73.50 double top, which will have filled the November 11 gap between $71-72.

I opened my long position this morning when the stock bounced off support as pictured below:

LMT Daily (magnified)
 
–Romeo
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  1. […] unrelated to my recent LMT investment, I read a piece over at TomDispatch.com, wherein Tom showcases an excerpt by William D. Hartung, […]

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