If you look at a chart of FCX, there is an upwardly trending parallel channel beginning Dec 5, 2012.
The channel bottom for today appears to be around 35.
Just picked up some calls for a trade with a target price of 38.
All I can say is that I have added today to a point where I am now a hold come what may.
It just bounced off of $35.50 pretty nicely about 20 minutes ago. Looks like a good rebound from that resistance level. IMO