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The Cat’s Out of the Bag

This is a syndicated repost courtesy of Slope of Hope – Technical Tools for Traders. To view original, click here. Reposted with permission.

My endlessly-cited idea to short Caterpillar and John Deere seems to be panning out nicely, in spite of yet another trillion-dollar boondoggle from the Feds (this in the form of an “infrastructure” bill). Caterpillar has already lost a lot of ground, although latecomers may get a second change if something like this happens:

Here is the longer-term chart, showing the failed wedge.

Deere has likewise topped out. I strongly suspect both of these stocks will be vastly lower by the end of the year as well as the next.

Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.

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