CAT – Caterpillar Inc (Last:84.51)

This bellwether is losing altitude after struggling for a year to stay aloft. With the world slipping into synchronous recession, it’s a wonder CAT has held up as well as it did.  From a technical standpoint, the series of three successively higher points ‘C’ makes the 68.18 correction target less than reliable; however, it’ll have to do for predicting the extent of the next tumble, since it’s all we’ve got.  More immediately, there appears to be a struggle at the 83.94 midpoint support, perhaps imagined, but we should infer that the next down-leg is imminent if the stock closes below that number for two consecutive weeks.

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