of about $39 and thought it wouldn't drop much more. It proceeded to drop further down to $25.44! If materials are in this much peril shouldn't we wait for FCX to do the same? I see a gap down to the $35s. Any comments?
Studiorite, just let you know I closed all my position yesterday morning around $40.7 because I was not able to watch it after that. I was worried about Greece and FOMC but did not believe FCX fell so much before those events. Good luck for your investment and I had been there numerous times.
What pi sses me is that my original entry bid was 38.55; but after watching it all day yesterday, I raised it 39.59. Oh well, we can wait it out, can't we? Thankfully I have my CELL and CEL working for me (so far). GL !!
This stock is under attack. Small fries like you & me never move the mkt. Today's action is a clear signal -- Big boys are saying stay away unless you want your head handed to you in a basket.
Until they switch off the "program" at the MM to peg this at mkt underperform mode, you'll have plenty of opportunity to buy at lower prices -- THAT IS, if you still want to buy it then.
FCX is more unpredictable than other stocks. Right now, there are more negative views on FCX. Potential longs waiting for a better entry point and current longs might get their stop loss ($40? order triggered. It has not hit $35 yet and if you wait too long, FCX may not get much lower than now. I had FCX from $55, $50, $45ish earlier this year. It was undervalued then but moved down anyway. Fortunately, each entry was closed with small profit and each entry was underwater for a while.