Whilst the main market was weak across the day, there was more significant weakness in Caterpillar (CAT), which settled lower by a very significant -4.2% at $94.39. Broadly though... a major bullish breakout above the $100 threshold remains due... certainly by early summer.
Along with the main market, CAT saw some moderate weakness across the morning. Things really spiralled though on a news report that CAT offices were being searched as part of some investigation. In the grander scheme of things, such an event is likely just one of those 'sporadic' news stories that really have no bearing on the broader company.
From a price perspective, CAT did break short term rising trend today. Broadly though, we're still very close to recent multi-year highs.
If you are bullish the US/world economy, then CAT would be one stock that you should seek a massive bullish breakout this year, above the giant psy' level of $100. If you are on the sp'2600/700 train (as I am), then a year end close in the $110/120 zone would be the valid target.