I've never understood the lemmings who jump off a cliff over an interpretation. CAT has consistently performed well over the years. Backlog IS tremendous. I've sat and watched it climb from when I first got it at 40. People want to shoot themselves in foot, fine with me.
It's the market, dude. The market doesn't care about the "fundamentals". The "stock" is not the company, it's a variable commodity of sorts. It's run up and run down, and not exactly on fundamentals. Look at BAC up 60% this year. Great fundamentals, huh? $300 million a year in interest to Buffett and $200 billion in write-downs.
$Ben's sucking his dollars out of the market, for the next round of printing is my guess.