NOC & LMCA Price Alarms Went Off This AM
NOC hit both targets a few weeks back on the goodies option alert.
The safe play is to wait for a close above the alert of 97.69
1st Target = 100.89
2nd Target = 103.17
LMCA
Price action alert has gone off several times over the past few weeks, each time failing to close above the alert price.
Alert price is 149.13
1st Target = 152.92
2nd Target = 155.61
The thing is, what is the market going to do? No one knows for certain. It would seem likely a deal will be executed in regard to the debt ceiling, perhaps a 99.999% certainty. On top of this, we have a new fed chair person. Although other fed heads talk about tapering, the new fed head is QE friendly, more so than the outgoing fed head, or so I hear.
Reality is this: IMHO, there will be no taper. Not this year, not next year. There will be only taper chatter and taper will not ever materialize. Why? Because they have painted themselves into a corner, getting out is a catch 22, the outcome of making any changes other than increasing QE, will crush the poor and middle class more powerfully than we have seen to date, and no one can convince this old man they haven't been squashed at an ever increasing rate. When QE3 began, some talking heads pinned it as QE infinity. They hit the nail on the head. When one comprehends that cutting QE, raising interest rates will cause the fed great pain, then you know, nothing will change, until the end.
So, even though the uptrend line on the S&P was breached, the strategy of BTFD (Buy The XXXXing Dip,) still looks like a good bet. I'm treading lightly here, and will continue with only short quick scalps until we get back the old not so normal days.
Have a great weekend !
Cheers
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