Mining Equipment Stocks Leading The Charge
This morning the leading mining equipment stocks are surging higher. The catalyst for the move higher in the sector is the strong market reaction to the Caterpillar Inc.(NYSE:CAT) earnings release. This morning CAT is trading higher by $3.19 to $115.83 a share. This is a new 52 week high for the stock as it gaps above the old April 4, 2011 high which was $113.93 a share. Should Caterpillar stock close up here the stock could have the $120.00 level in it's sights. This would be the next important daily chart resistance area. The stock should have intra-day resistance around the $116.75 level.
Other leading mining equipment stocks that are trading higher this morning are Deere & Co.(NYSE:DE), and Joy Global Inc.(NYSE:JOYG). Both of these leaders are acting very strong this morning. These stocks will come into daily chart double top resistance soon, therefore, traders must watch for these resistance areas very soon. Deere stock will have some intra-day resistance around the $97.50 level. The intra-day resistance level for JOYG will be around the $102.50 and $103.00 levels.