Jul. 27 at 1:18 PM
$NOC sits at 61 with a BENEFITS direction against the Hormuz and Ukraine complex, and it has lagged badly:
$LMT ran +14.5% over five days against NOC's +4.0%, and NOC is -11.3% YTD while LMT is +13.9%. Crude is working against the catch-up case today with Brent -4.6% to
$90.56. Either the spread closes on Iran/Yemen headlines or the lag is telling you the market disputes NOC's leverage to this complex.
$90 into the Fed is the level.
