How’s that for a title?
I sold short FCX on August the 1st and it is my sole position, alongside my long term thesis trade in TLT.
Thus far, I am up a little more than 10% on the FCX short, and more than 18% on my TLT long.
Shares of Freeport are getting smoked today, off by more than 7%.
FCX is a proxy for China, period, end of story. The stock has risen greatly over the past 3 months and there isn’t anything woeful about markets trading near record highs. Having said that, once the market breaks down and starts drowning people again, rest assured, FCX will lead to the downside. It is the toxic blend of everything that’s wrong with the market. It’s an over leveraged, debt laden, China reliant, piece of shit.
I will cover my short when markets flag oversold.
I will sell TLT when the yield curve inverts.
Until then, I’ll continue to talk shit and try my best to guide the readers of this site into safe havens and follow a credo to do no harm.
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“The downturn is coming. They only saved the last bubble by creating a new one.
Gotta show the aliens who land someday that I didnt capitulate…”
– 2013
NICE JOB, SIR!!! I am holding a boat load of Sep $12 puts from last week. JCC was my guide and it worked very nicely!!! What a day. FCX is toast short term.
Time to go long FCX
Do it and keep us updated.
Dr Fly vs the buyer(s) of 31,000+ FCX 9/9 12 strike calls. Should be fascinating.
“Follow a credo to do no harm” … I’d love to see The Fly that steered this ship when I first jumped aboard encounter this particular version. Ye Gods!
We’ve come a long way from $BALT.
Congrats on a good short. I’m on the other side, but from the $4’s. I’ll continue to add when people are scared.