Mining Equipment Stocks Dig An Early Hole

This morning, all of the leading mining equipment stocks are coming under early selling pressure. Caterpillar Inc (NYSE:CAT) is considered the leading stock in the mining equipment sector. Today, CAT stock is trading lower by $1.24 to $100.87 a share. Short term traders should watch for some intra-day support around the $100.00 and $98.00 levels. The daily chart of CAT remains weak as the stock trades below the important 50-day moving average.

Some other leading mining equipment stocks that are selling off today include Joy Global Inc (NYSE:JOY), Deere & Company (NYSE:DE), and Tractor Supply Company (NASDAQ:TSCO). All of these stocks will often trade inverse to the U.S. Dollar Index. Should the U.S. Dollar Index decline intra-day these stocks are likely to catch a small bounce off of the morning lows.

About Nicholas Santiago 575 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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