Remember this chart? A 10 year weekly view of institutional favourite Caterpillar ticker CAT below.
Below is a daily view of CAT. A couple of interesting things are developing. First as noted is today's, while still early, potential bearish engulfing candle forming. A move below the old high water marks, in particular a close there would really stoke my interest on the short side.
I will be patient, I hope, and wait for a close below 78 before I commence operations here on CAT.
As I side note as I am writing this I have the volume up on the propaganda network (CNBC) and am listening to this strategy session with the purported 'brain' David Faber pontificating on the issue of put backs to the banks of now gone sour paper by pension funds and institutional investors. I have a breaking news flash of my own for the purported 'brain' Faber. THE HOUSING MARKET COLLAPSED BECAUSE IT WAS A GIANT PONZI SHCEME!
Ponzi schemes always collapse when the supply of fools runs out but don't let something like facts get in the way of shilling a defence for the banks.
While on the topic of CNBC is did you happen to catch, as I did, over the last few days this sector heat map that CNBC has unveiled during the day?
Are you kidding me? Why not bring out David Copperfield to wave his wand while you're at it?
These pathetic clowns at CNBC are hilarious. Heat map so you can tell where the market action is. Like those boom boxes from the 80's with the lights flashing to the beat. Too funny, just smoke and mirrors from the boobs and boobs in chairs. Would you really expect anything less from the propaganda network?
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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