This morning the mining and farm equipment stocks are under some early selling pressure. This industry group has been very strong recently trading new their 52 week highs.
Caterpillar Inc.(NYSE:CAT) is one of the leading mining and construction equipment stocks in the sector. This stock is declining lower today by $1.53 to $102.56 a share. The stock will have some minor intra-day support around the $102.00 level. Should Caterpillar stock decline further the $101.00 area will be the next important intra-day support level.
Deere & Co.(NYSE:DE) is the farming equipment manufacturer in the world. This stock is declining this morning by $1.76 to $89.76 a share. This stock has been under pressure since it made a high on February 16, 2011 at $97.36 a share. Deere stock will have intra-day support around the $89.00 level. Should the stock decline further the next intra-day support level will be around the $87.90 area. Short term intra-day bounces are likely from both levels.
Joy global Inc.(NASDAQ:JOYG) is another leading farming and mining equipment manufacturer that is coming under selling pressure this morning. The stock is declining lower by $1.75 to $91.95 a share. This stock recently made a high on February 18, 2011 at $100.57 a share. Today, JOYG stock tagged the daily 50 moving average at $91.00 and this level has served as intra-day support so far. The next intra-day support level for the stock would be around the $90.00 area.
Nicholas Santiago
InTheMoneyStocks.com
