$SPY a bit lower. Some earning this morning not coming as strong as people believed. And one news in particular have not found a lot of spectators.
CaterpillarĀ $CAT uncovered “deliberate, multi-year, coordinated accounting misconduct” at a subsidiary of a Chinese company it acquired last summer, leading it to write off most of the value of the deal and wipe out half a quarter’s profits.
Caterpillar, the world’s largest maker of tractors and excavators, said on Friday it would take a noncash goodwill impairment charge of $580 million, or 87 cents per share, in the fourth quarter of 2012.
I am not sure how the market will react at the open regarding this kind of news, so I am Adding up all the bad news (earnings this morning, and this $CAT fraud scandal) and trying to come up with how the market will react today.
The thing that puzzles me the most is that that everyone knows about this sinceĀ FridayĀ @ 5pm, but some trading first still insist that these are not big enough, and one of them came out with an upgrade on $CAT during the weekend.
That for me means one thing. The run is coming to an end. Because what we are seeing here is Ā a pumping of the assets to get some naive retail investors to buy the tip of the iceberg.
$SPY 1st support is 147.63, 2nd support 147.14,and 3rd is 146.64.
$SPY 1st target is 148.68, 2nd is 149.20,Ā 3rd is 149.80, and 4th one just for fun is 150.42.
Trade what you see not what you think.
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