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Mining Equipment Stocks In The Ditch

|Includes: Caterpillar Inc. (CAT)

 This morning the mining and farm equipment stocks are under some early selling pressure. This industry group has been very strong recently trading new their 52 week highs.

Caterpillar Inc.(NYSE:CAT) is one of the leading mining and construction equipment stocks in the sector. This stock is declining lower today by $1.53 to $102.56 a share. The stock will have some minor intra-day support around the $102.00 level. Should Caterpillar stock decline further the $101.00 area will be the next important intra-day support level.

Deere & Co.(NYSE:DE) is the farming equipment manufacturer in the world. This stock is declining this morning by $1.76 to $89.76 a share. This stock has been under pressure since it made a high on February 16, 2011 at $97.36 a share. Deere stock will have intra-day support around the $89.00 level. Should the stock decline further the next intra-day support level will be around the $87.90 area. Short term intra-day bounces are likely from both levels.

Joy global Inc.(NASDAQ:JOYG) is another leading farming and mining equipment manufacturer that is coming under selling pressure this morning. The stock is declining lower by $1.75 to $91.95 a share. This stock recently made a high on February 18, 2011 at $100.57 a share. Today, JOYG stock tagged the daily 50 moving average at $91.00 and this level has served as intra-day support so far. The next intra-day support level for the stock would be around the $90.00 area.

Nicholas Santiago