Let’s take a look at today’s headlines
From CNBC: “Euro Shares End Up on Commodities”
”Asia Stocks End Higher; Miners Gain”
Freeport-McMoRan Copper & Gold Inc. ($FCX) up 1.4%
United States Steel ($X) up 2.5%
Rio Tinto up 2%
BHP up 2%
Alcoa Inc, once the biggest miner in market capitalization is not moving upwards.
Usually, this signals accumulation. Something is surely going on with Alcoa Inc stock. This is not normal. Usually, Alcoa moves together with all commodities stock.
What is wrong with Alcoa Inc? Beats me. All I know is that something big is going on with this stock and an imminent upgrade will clear the speculation that some investment bank has successfully accumulated many shares of Alcoa Inc.
Alcoa has a swing target of $15.1 and I think this is the best play stock. It is the most undervalued Dow component.
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