Freeport stock doing strange and uncanny moves today.
Don't try and understand it. Just leave understanding FCX's strange gyrations to the professionals. If I was trying to determine where to get in at I'd go 50% in right now and then wait till tues next week to put 25% more in. Hold the last 25% of your booty till middle of May to finalize your investment in Freeport-McMoRan. JMHO
I like your strategy but I would prefer to use an in the money put strategy. If your timing is off and the market stock goes up you just cash in a wait for the next gyration. This is a trading market so why not use it. Look at the movement of OXY the last couple of days. On one day the stock moved over 5 points and closed 1.5 points below tthe high that was hit at 3:30 pm. Markets like this can not be trusted. FCX needs time to establish a new trading profile. It is no longer a pure mining play and the gas value has yet to be established. Once a few wells actually come in and the LNG export facility is developed then a new facet will finally begin to draw investor interest.