Downtown Josh Brown (@ReformedBroker), author of this must-read book, picked up my piece on Caterpillar last November over at TheStreet.com here. CAT was trading at $85/share, and sentiment was quite negative on the industrial giant. However, I pointed out the long-term technical reasons for not turning sour on what might be deemed a market bellwether, even if you did not take the trade.
Caterpillar is currently trading above $97, and appears to be breaking out of the monthly chart base at critical support. Above $100, and all-time highs at $116 become within sure reach.
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