All these posters screaming Sell every time .20 or ....30 cent moves down happen are nuts. FCX is just a high Beta issue, it moves in larger spectrums than the broader market. It's a good buy at these levels, but don't freak out over short term moves down, it's just the nature FCX to move that way in either direction and the strength is clearly upward over the near term.
I think we better start getting used to seeing the 30 handle. Earnings day is just around the corner and it'll be interesting to see what happens with the stock price if they surprise to the upside. With their beta it's possible for a $3+ day.