Raytheon signalling… what?

With Federal defense budgets being slashed, it’s surprising to see defense contractor Raytheon breaking to the upside of a multi-year pennant pattern.  But that’s what we see here:

Why would it?  War with Iran on the horizon?  A Romney Presidency?  I have no idea.  But this break certainly appears to be bullish for Raytheon in a part of the market that is off the mainstream radar.

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