Steve Miller on $CAT (Nov 6, 2026)
CAT has fallen about 48% after data-center construction hopes; the speaker sees it as a buy candidate with lower downside than other speculative buys. The weekly trend is down, but a bottom is likely within weeks, perhaps mid-November, then a strong bounce toward 677 resistance from around 550. He does not claim the bottom is reached; if not, further decline risk remains.
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Caterpillar's stock has suffered a very sharp decline. This happened in conjunction with the artificial intelligence boom, as the stock rose sharply due to all the construction work they were supposed to be involved in at the data centers.
These are three stocks that I believe are ripe for consideration as buy deals, and their downside risks are probably lower than other stocks that you might choose to speculate on on the buy side.
These stocks have fallen significantly and are now in cyclical patterns that I will show you, indicating that they may soon reach the bottom and begin to rise. We may have seen the worst decline in these stocks.
When we look at Caterpillar stock on the weekly chart, I'll expand the picture for you, we see that it's trending downwards, and if you look at the market rhythms here, we're likely to hit a bottom somewhere in the next few weeks.
The stock has dropped from 1073 here to 549. Essentially, it has lost about 48% of its value during this period, and we know that June was the peak for many stocks in this market, especially in the high-market-capitalization technology and AI category, and Caterpillar is associated with it due to its potential for excellent performance based on the expansion of data centers.
This may still be happening, and the tone could easily change as we start to see Democrats saying, "Okay, we're going to build these data centers." We'll just be a little more careful about that.
And then you will start to see these stocks recover.
So if we are looking for a bottom to occur, it looks like it might happen here in mid-November. This would be consistent with the likelihood of a strong bounce here, and you might get a bounce from some level, you know, from 550 up here.
That resistance is my lowest resistance level at 677. So you can see that there could be a very large bounce here once this bottom is established.
I have no reason to say that the bottom has been reached yet, and if it hasn't, the timing tells me that there is still a risk of a decline. This arrow should be placed on the watch list.
What you are looking for is an improvement here and a sign that you are going to have a turn for the better.
What this channel has said about $CAT
Steve Miller has 2 calls on this stock; only the adjacent ones are shown.