The Pacific is not unique in terms of governments shoring up defense capabilities, including major purchases from U.S.-based companies.
RTX may trade sideways for a few more days but I suspect we will eventually push higher.
Let's check the charts and when would be safe to pull the trigger on a buy.
There are other areas to trade as well, but know what you are trying to accomplish.
Here's our price objective.
Market breadth was fairly awful Tuesday, though participation was down. There was no easily traceable move into or away from cyclical nor defensive type sectors.
Defense contractor LMT appears on a mission to break out.
Positive news on Omicron is more powerful at the moment, at least for the markets, than the overhanging probability of tighter monetary policy.
Assigning the central bank responsibilities extending beyond the adjustment of monetary policy creates an unknown that I do not think we can assume outcomes for.
Firing off a trade with POWW makes sense, but be aware of your safety switch.