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Shares of Lockheed Martin (LMT) reached an all-time high of $280.00 as the defence contractor agreed to a deal with Saudi Arabia worth $28 billion.
This deal alone is enough to cover the company’s revenue for over 6 months
LMT is one of the key beneficiaries of a total arms package which will be worth over $350 billion over the next 10 years.
Among other products, the deal includes the sale of 150 Black Hawk helicopters, systems for air defence, tactical aircraft and combat ships.
Lockheed Martin
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On May 6th, we posted a report on the blog which suggested that both Spot Gold and shares of NCM were in oversold territory.
At that time, the prices were at $1225.00 and $20.10, respectively. Now, Gold is back over $1250 and looking firm on the internal momentum indicators. We expect the yellow metal to test April 17th high on $1290.00 in the medium-term.
In this sense, shares of NCM have lagged behind the spot gold price and have gained just over $1.00 during the same period.
We still consider NCM undervalued at current prices and suggest buying outright shares, or call options out to July, for a medium-term price target of $25.50.
Newcrest Mi
The XJO chart is showing the first lower low structure we’ve seen for some time.
The broader trend, which has been in place since February 2016 is likely in the early stages of breaking lower. Any bounce higher from last week’s selling, is likely to be limited and investors should look to protect their portfolios.
New selling will likely occur within the range of 5790 and 5850, creating a lower high formation as a strong sell side signal.
With the recent sell-off in commodity names, the Algo Engine has triggered buy signals in a number of big and small cap companies.
Our preferred resource allocation remains BHP, over other alternatives. However, it’s worth taking note of the recent buy signals in RIO, FMG, IPL and in OOO, the BetaShares Oil ETF.
We look to take profit in BHP at $25, after buying at or near $22.50.
Our Algo Engine has triggered a buy signal on the Veneck Vectors Australian Bank ETF. ASX code: MVB
MVB made a low on Friday at $27.56 and we may see buying interest pickup in the early part of next week.
Investors who take this trade should work a stop loss order below $27.50.
The ALGO engine triggered a buy signal for NAB at $30.40 on Friday.
NAB shares have dropped over 11% since posting an intra-day high of $34.00 on May 1st. Several internal momentum indicators are showing an overbought condition.
With US equity markets stabilizing after Wednesday’s sharp sell off, it’s likely that all the local banking names will get a lift when the ASX re-opens on Monday.
We see scope for a corrective bounce into the $32.50 area, and suggest looking to buy NAB shares outright, or consider buying the $32.00 call options into June.
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