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Play of the Day (For Wednesday)
Interactive Chart
Tuesday, March 13, 2001

LMT – Lockheed Martin Corp. $38.34 –0.65 (-0.22)

Tuesday's Comment:

Lockheed Martin has been consolidating for the past three sessions. On Tuesday, J.P. Morgan (JPM) initiated coverage of eight aerospace and defense companies. Lockheed Martin was given a “market performer” rating and a $38 price target, 99 cents below Monday’s closing price. Shares of LMT fell to an intra-day low of $37.55 before bouncing off of the 20-dma to a close of $38.34 on volume of 1.61 million shares. LMT has lost some of its momentum, but its upward trend is still healthy after a successful test of major support at the 20-dma on Tuesday. For now, support is the 10-dma at $38.18 with stronger support at $37.58, the 20-dma. Resistance has fallen to Tuesday’s intra-day high of $38.90 and then Monday’s intra-day high of $39.41. Look for bounce off of $38.18 or a move above $38.90 on midday volume of at least 800,000 shares before opening new positions. We are keeping our stops at $35 as downside protection.

Picked on February 4th @ $36.40
Change since picked +1.94
Stop Loss @ $35.00

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