I’m short from $11.60 and have waded through the ups and downs with the patience of a sloth. That being said, I believe this is the ebb tide. One day removed from yet another asset sale by the company, divesting oil assets at a time of depressed assets, FCX is about to break the $10 barrier with eccentric flare.
Given the circumstances in China and the state of copper, on top of the fact that this company is highly levered and saddled with a catastrophic balance sheet, I am comfortable to wait for lower prices, maybe as low as $5.
Overall, the market looks foreboding. Everything is getting hit, including bonds and gold. Nothing is safe, with just a 10% positive market breadth. This has the looks and feel of something that is gathering steam, so be careful with your bullshit positions heading into the teeth of a potential grind house.
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Bottoms at $9.75…upside target of $16.00. This analysis brought to you courtesy of various wizards and gnomes tucked away deep in the hinterland.
Based upon what? Magical chart dust?
Fcx is a goner
The ark’s a goner.
Temporary. The ark floats.
Unless yesterday’s low is breached, technically we have an excellent long opportunity right now. Long at 10.20 short below 10.00
The bad thing about this company is they were reckless to try and get in oil space and paid outrageous sums of money for companies when oil was at all time highs. I say they sink fast soon.
AAPL strong like bull!