A global sell off is in progress.

By Daniel at 20 November, 2009, 12:06 am

So many bearish technical patterns are forming on many indices right now.

And this little gem for the health of the Global Economy.

Caterpillar (CAT: 58.64, -0.76, -1.28%) Thursday reported a decline of 50% in worldwide machinery sales for the three months ending in October.

The world’s largest manufacturer of construction equipment said sales for the three months ending in October in North America were down 58% since last year while sales in Europe, the Middle East and Africa were down by 53%. Latin America and Asia Pacific saw the least decline in sales, of 41% and 36%, respectively, from the same period a year prior.

Engine sales at the Peoria, Illinois, company dropped 30% from the year prior, and the company plans to exit the truck engine market by the end of 2009.

- Contrarian01