Buy Freeport-McMoran now!

Sunday night, before the turmoil started in the market, I said the following:

Apple (AAPL 166.39) should trade to 174, Google (GOOG 633.63) has 20 quick points, Research in Motion (RIMM 107.57) reversed off it's lows Friday and can add 10, and Intuitive Surgical (ISRG 280.65) should trade above 300. On the big board, Freeport-McMoran (FCX 100.04) was pinned at 100, it can take on 7 points by Tuesday.

Today AAPL traded a smidge less than 172, RIMM a hair less than 116, ISRG seven cents less than 298, and GOOG traded up 26 points. But FCX traded down 7 points, and I advertised it up 7. So buy the one that didn't move. And if you need a reason, here's three.

1) The braindead Fed will be forced to cut rates now. The credit and housing markets are imploding on themselves. A cut will cause perceptions to change on the economy, and a cut will assure that global growth will continue. Today gold skyrocketed $25, and oil was up $4 a barrell. Those markets are already pricing in easier money.

2) The stock is almost 30 points off it's high in a month. Copper prices will rebound and gold has already. The stock "looks" good on the chart, and natural resource stocks are in play.

3) BHP Billiton offered $150 billion for Rio Tinto. Rio talked last week about a Pac-Man defense whereby they would make a bid for BHP. That's ridiculous. But Rio could make an overture to acquire FCX. That would juice the stock, and pump the options. That's a Pac-Man defense that the market could find plausible. Atticus capital, the previous quarter, had been selling COP and deploying those funds into FCX, and has a swap arrangement to pick up more shares. They've also changed their filing status from "passive" to "activist" investor, which simply means they're trying to hustle up a buyer for FCX. Look for the rumors to start now.

So get out of the shadows, don't be bashful, and buy this pokey stock as it's recovery will be speedy. And if you know what that means, you probably were playing Pac-Man in the 80's like I was.

But I liked Space Invaders better.