Commodities play… FCX to $120?

I was wrong to recommend a sell or short on Freeport McMoran FCX just 3 to 4 weeks ago.

FCX has already soared more than 50% from a September low of $60. Will it continue rising?

Why are people including hedge fund buying FCX at $100? The answer is because they think it will go to $120.

I WILL NOT BUY IT THOUGH… but I am supporting the BULL CAMP.

I hope I wont be wrong this time to say that longing FCX here is still a good play.

Why FCX can go to $120…

- COPPER SHORTAGE
- China hungers for it now
- INDIA wants it too
- Indonesia also needs it
- GLOBAL inflation. thx to USA.
- Valuation still cheap
- Loads of CASH on hand --- increase in dividends possible or stock buyback
- Possible split in the future
- TECHNICALS show signs of consolidation and the next up move will be wild due to short covering frenzy

I will not join in the FCX fun but I am supporting the BULL camp now.

I expected the Chinese fear to break FCX but it was not that harsh, so I think FCX is still in play here.

CNBC says to buy it  at $95,…. if it goes there, they are right.