Freeport Making its Move

Despite the obvious broad market fade, premier copper miner Freeport McMoRan is making its move at recapturing the key $36 level. As you can see below on the daily chart, buy volume is surging as price climbs out the multi-month grinding range. To be sure, there are plenty of technical issues to negotiate overhead, namely the declining 200 day moving average. However, it is worth nothing that copper is not exactly presaging a huge risk-off move. Beyond that, although I expect the process to be a turbulent one, Freeport could finally be waking up after a long sleep, a scenario that bears should take very seriously going forward if this move above $36 holds.

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