Today’s close: up 2.03 %
Finally, a burst into the green: Caterpillar popped at the open and climbed all morning, then proceeded to give back half of its gains in the afternoon as earning worries on the broader markets cut the wind from everybody’s wings. Full quote at Yahoo Finance.
Indexes finished in the red zone: Dow, down 1.51%; Nasdaq, down 0.08%; S&P 500, down 0.75%. Wrap-up at Market Watch.
Trading volume in Cat shares remains about 40 percent above average, which normally would be a happy outcome on an up day. If you check the candlestick patterns on Cat, though, you see one of those inverted hammers that tends to predict more travels to the downside. I suspect once earnings season subsides and the river of bad news fades from the headlines, we might finally see a bit of a rally (barring further bank meltdowns, of course).