From my experience and what i see is fcx price actions over last few months especially in relation to price action in copper is signaling a potential price collapse in copper. in these situations the miners move before the underlying commodity. big traders who have a feel for these things know they will get the most action by shorting the miner such as fcx in anticipation of a price collapse in the commodity. This trade occured in coal miners last year, while coal prices remain steady the miners got crushed and this year the price of coal has collapsed. I reccomend buying FCX with an equal beta weighted short on the jjc ( copper etf) that way one can be protected from copper potentially falling out of bed. if the jjc remains flat however fcx should climb much higher as they can make a lot of money selling copper above $3.50.