….and 'newbies' shouldn't be taking 'big' positions of ANY kind (other than cash)…..even 'oldbies' are well advised toenter a trade gradually as it performs as expected, exiting rapidly if it does not.
Looking at the chart, it looks like it's ready for a bounce, as it just hit the 200dma. That candle from yesterday shows indecision. I wouldn't go short unless it closes today below yesterday's low.
That would be a conformation of a lower move to come. You also have about 6 days down in a row. That tells me that it should bounce back up from here. Look at the previous times it fell 4-6 days… it bounced.
I wouldn't go short at this point. Too oversold, and hasn't confirmed a break of the 200dma. It's needs 2 days in a row closing below it, with the 2nd day closing below the low of the 1st day.
Thanks Leo much appreciated although i was referring to their chart – looks to me like they have broken a long term line of support and i am tempted to take a big short position but i am a just a newbie and would like the assurance of knowing what a pro thought!
PEORIA, Ill., Dec 09, 2009 /PRNewswire-FirstCall via COMTEX/ — The Board of Directors of Caterpillar Inc. (CAT) today declared a quarterly cash dividend of forty-two ($0.42) cents per share of common stock, payable February 20, 2010, to stockholders of record at the close of business January 20, 2010.
I forgot what today was. I meant that it will go up tomorrow (Thursday) and then reverse on Friday or possibly Monday. It could be blamed on the retail jobs report Friday, or something over the weekend to cause it to gap down Monday.
Regardless of the news, it should fall within a few days. The 1070 area is the target I'm looking for. Then, I expect it to rally back to about 1090 by OPX.
Thanks for your concern and advice which also is much appreciated – Fear not though I think that my idea of “big” might vary somwhat from your own.
Leo was on the nail though – i have got a top of Trendline at @7,000 do you think it will get there?
Great Post Red!
….and 'newbies' shouldn't be taking 'big' positions of ANY kind (other than cash)…..even 'oldbies' are well advised toenter a trade gradually as it performs as expected, exiting rapidly if it does not.
awesome thanks Leo – you might have saved me a small fortune!
Looking at the chart, it looks like it's ready for a bounce, as it just hit the 200dma. That candle from yesterday shows indecision. I wouldn't go short unless it closes today below yesterday's low.
That would be a conformation of a lower move to come. You also have about 6 days down in a row. That tells me that it should bounce back up from here. Look at the previous times it fell 4-6 days… it bounced.
http://stockcharts.com/h-sc/ui?s=cat&p=D&yr=0&m…
I wouldn't go short at this point. Too oversold, and hasn't confirmed a break of the 200dma. It's needs 2 days in a row closing below it, with the 2nd day closing below the low of the 1st day.
Red
Thanks Leo much appreciated although i was referring to their chart – looks to me like they have broken a long term line of support and i am tempted to take a big short position but i am a just a newbie and would like the assurance of knowing what a pro thought!
Last news I know of….
PEORIA, Ill., Dec 09, 2009 /PRNewswire-FirstCall via COMTEX/ — The Board of Directors of Caterpillar Inc. (CAT) today declared a quarterly cash dividend of forty-two ($0.42) cents per share of common stock, payable February 20, 2010, to stockholders of record at the close of business January 20, 2010.
Anybody got a view on whats happening with Caterpillar at the moment?
Yeah, your right…
I forgot what today was. I meant that it will go up tomorrow (Thursday) and then reverse on Friday or possibly Monday. It could be blamed on the retail jobs report Friday, or something over the weekend to cause it to gap down Monday.
Regardless of the news, it should fall within a few days. The 1070 area is the target I'm looking for. Then, I expect it to rally back to about 1090 by OPX.
Red
Tomorrow “IS” Thursday. Maybe you meant work its way down Thursday and/or gap down Friday. Cheers. Thanks. Keep up the good work.