Major copper (and gold) miner Freeport McMoRan is getting slammed this morning after announcing acquisitions.
Freeport has become a less reliable broad market “tell” for me over the years, but I still find it instructive to see how the stock is acting. As you can see below on the monthly timeframe, once the initial sell-off abates the issue then becomes whether we see a major breakdown from the well-defined support level of $28-$30. I would view a decisive break and hold below $28 as a bearish event obviously for Freeport, but also with implications for the broad market and risk appetite in general.
________________________________
If you enjoy the content at iBankCoin, please follow us on Twitter
feel the same way about CAT –
Did anyone say debt cliff? Buy this portable bed and rest well. Comes in Obama blue and Bohner red.