Yesterday Macquarie downgraded the stock and caused a 20% rout. Today Jefferies jumped onboard to kick FCX in the teeth and the stocks fell by only 9%. Clearly no one gives a shit what the Jefferies analyst thinks.
Here are some snippets from the report.
This is a major bellweather in the commodity space. To see FCX getting smoked like this has to be cause for concern, which is probably why markets are selling off early gains now.
Again, for markets to rally, we’re gonna need a respite from the fanatical selling in commodities and commodity stocks. We’re not there yet.
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Everyone has been told that oil is worth at most $20 and maybe even $10. Selling every commodity stock at $31 crude seems like a gift.
Crude was last $10 in 1931. Coincidence? i think not.
That oil rally didn’t last long.
It looks as if oil and gold are going to 10 cents. But they probably won’t.