FCX is currently overbought. The stock has risen greatly and it is reaching major resistance. No doubt the stock has been a favorite by wall street as seen by its strength.
However, I think the resistance will be too strong to be easily broken by FCX. I am shorting FCX for a quick trade to $75.
Fundamentally sound, but this sector is shaky due to the uncertainty of the double dip. The stock may rocket upwards if the market is convinced that a double dip is 0%.
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