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No. 2 - Get Defensive

This week we find out if the best offense is a good defense. Lockheed Martin (LMT), Boeing (BA) and Northrop Grumman (NOC) all release earnings. Might defense companies unleash earnings bombshells – and if so, what’s the trade?

Guy Adami likes Boeing (BA) because they win every contract for airplanes, but right now he thinks the stock is ahead of itself. When BA dips down to $89 or $90 Guy says own it. Also, he loves LMT and says the negative headlines are nothing to worry about.

Eric Bolling says there’s room in the GDP to increase defense spending. In the space he likes United Technologies (UTX) and Alliant Techsystems (ATK).

Jeff Macke says he also loves UTX and Tim Strazzini adds, he too, likes the space.

Questions? Comments? fastmoney@cnbc.com

Trader disclosure:
On APR 23, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders. Strazzini Owns (EWG), (MER), (NBG), (SNDK) Bolling Owns (NMX), (SZE) Natural Gas, Corn, Gold, Silver; Bolling Is Short Soybeans