Mining Equipment Stocks Dig An Early Hole
This morning, all of the leading mining equipment stocks are coming under early selling pressure. Caterpillar Inc (NYSE:CAT) is considered the leading stock in the mining equipment sector. Today, CAT stock is trading lower by $1.24 to $100.87 a share. Short term traders should watch for some intra-day support around the $100.00 and $98.00 levels. The daily chart of CAT remains weak as the stock trades below the important 50-day moving average.
Some other leading mining equipment stocks that are selling off today include Joy Global Inc (NYSE:JOY), Deere & Company (NYSE:DE), and Tractor Supply Company (NASDAQ:TSCO). All of these stocks will often trade inverse to the U.S. Dollar Index. Should the U.S. Dollar Index decline intra-day these stocks are likely to catch a small bounce off of the morning lows.