Today’s close: up 3.3%
Caterpillar leaped out of the gate and climbed all morning, but profit-takers took some of the glow off by the day’s end. Financial and tech shares had a nice outing, too. Good day to be bullish; we’ll see how long it lasts. Full quote at Yahoo Finance.
Indexes were all up: Dow, up 1.34%; Nasdaq, up 2.06%; S&P 500, up 1.64%. Wrap-up at Market Watch.
Caterpillar has had two green days in a row on above-average volume, though both days saw price seepage into the close. Check out Cat’s six-month chart at StockCharts.com and pay heed to today’s high, around $32 a share. Then look at the previous lows in October and November: also around $32. This is a classic bear market pattern: old “support” become new “resistance.” We need a strong surge above $32 to be confident that this rally has legs.