Point taken will heed! Sorry i meant $70 – wish i knew how to post charts here it would be much easier but ive got rising parallel trendlines for CAT bottom is at @$60.88 and top at@$70 because we had shot so low beneath the bottom i thought it was heading south but from what Leo says it sounds more like going to $70
Firstly, what I think is big vs what you think is big does not matter. If you're the trader & it feels big to you, then IT'S BIG. So please go back & review my first piece of advice(this is some painful experience talking here). Enter the position slowly, adding to winners.
re: top of Trendline @ 7000, you HAD been talking about CAT. Are you now talking about the Dow? I'm assuming Dow – my long-term objective is probably around 4500 or lower…….UBER Bear here.
….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.
No specific opinion – I'm more of a macro conviction sort of guy and I'm bearish the world….but Good Luck!
Point taken will heed!
Sorry i meant $70 – wish i knew how to post charts here it would be much easier but ive got rising parallel trendlines for CAT bottom is at @$60.88 and top at@$70 because we had shot so low beneath the bottom i thought it was heading south but from what Leo says it sounds more like going to $70
Firstly, what I think is big vs what you think is big does not matter. If you're the trader & it feels big to you, then IT'S BIG. So please go back & review my first piece of advice(this is some painful experience talking here). Enter the position slowly, adding to winners.
re: top of Trendline @ 7000, you HAD been talking about CAT. Are you now talking about the Dow? I'm assuming Dow – my long-term objective is probably around 4500 or lower…….UBER Bear here.
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.