Update on Freeport McMoRan (FCX)

Those who bought my Trade Alert on the Freeport McMoRan (FCX) October $28-$30 bull call spread at $1.68 or best two days ago will be thrilled to see the charts below. They were prepared by my friends at Stockcharts.com, who offer a very reasonable subscription technical analysis product (click here for their site http://stockcharts.com ).

After testing $26 three times over the past two years, the stock has forged a major long term bottom that appears unassailable. This almost perfectly matches the chart for the Chinese stock market, which is demonstrating almost identical strength. Conclusion: higher prices for copper and the rest of the commodity space.

Just thought you’d like to know.

FCX 9-12-13

FCXa 9-12-13