Last night I had this to say about FCX:
FCX (93.91) which I've been pounding the table with, was accumulated all day today at 91, and it finally ran an hour before the close up $4.63 on the day. Today was designed to frustrate the holder of FCX stock. When the market ramps, the traders go with the stock that is moving. Tomorrow it will be easy. The stock should trade above 99, with a seven point range on the stock. If it opens down, grab it; it should be easy money.
Will it follow the script? It was down to 92.26, and traded up to 98.17. I just need another point on the upside. And if FCX ramps, then so should ACH. The weakness in commodity prices was a function of recessionary fears and NYMEX lowering the spot month position limits on copper futures to 350 from 400 contracts.
Now I think ACH goes to 62, and it does it by Tuesday. You have the bears pressing the market attempting to contain it at these levels. Bernanke speaks tonight, and he'll be supportive of lower rates. And that should help the overseas market, which in turn will help ours tomorrow. And ACH, should be a beneficiary of a non-recessionary viewpoint.
At least that's how I see it.
But then, some of you may not want tomorrow's paper today.