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Joined Apr 1, 2010
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They Knew About Slowing Global Growth Before You Did

Copper (and gold) mining giant Freeport McMoRan continues to, technically, do everything it needs to in order to form a major bearish to bullish reversal. I described the slowing global growth hysteria last month in this post, noting that many materials firms have likely been out in front of that and had already priced much or all of the foreseeable slowing in. Indeed, a move through $42 would likely set in motion a further breakout higher for Freeport.

Also note the chart setup in SCCO, and excellent buy volume in VALE--It is not just Freeport making noise for the bulls.

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One comment

  1. Bozo on a bus

    Good catch, Chess.
    Peter Brandt, one of my favorite technical analysts, posted about a strong bottom in copper in early September, just about the time FCX was clearing resistance on your chart.

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