Ugly Reversal In $DE Stock Signals Major Decline On Horizon
Deere & Company (NYSE:DE) reported earnings this morning, beating Wall Street estimates by a penny. The stock initially shot higher, opening the trading day at $111.77. However, immediately the stock took a beating and is now negative on the trading day. This price action is extremely bearish. In addition, the gap higher this morning did not even take out the previous 52 week high made on Monday of this week at $112.18. That is another bearish sign and sell signal. Institutions are in full sell mode as smart money is now doubting Donald Trump will be able to push through a major stimulus bill on rebuilding U.S. roads and bridges. Top investors are asking where the money is going to come from if tax cuts are already pushed through which means less revenue for the government.