It must have bottomed out here, besides FCX got its permit renewed and permission to export copper in Indonesia again.
the #$%$ devalued their currency yuan by her 2 percent and that has put pressure on the commodity producing countries like Brazil, Chile, and 2 other were mentioned and hence that is dragging FCX down as well. FCX even though broke thru 10 this morn rebounded off 9.88 but with oil expected to hit 30 levels might cause FCX to hit 5-7 range. I am a long in at 25 and holding as I know eventually this will recover and when the shorts get crushed there will be some decent rebounds. goodluck
Oil is down 3 percent and so are commodities due to china having devalued its currency by 2 percent.
I think at this rate we will see 15-18 soon helped by short coverings and oil aving found a bottom and with Chinese stimulus helping their recovery copper shud recover soon.
People were shorting this stock left right and centre, people jumped on the band wagon of shorts and drove it down to 3 bucks, then things began to change for the better as BAC settled their share of lawsuits etc and today it is back to 18. I lost my #$%$ on AA and MS but held on didnt give up as i knew these are good companies and will recover and they did. Market is irrational and they have trounced FCX as investors flee the comodity sector, hedge funds have been decimated and are liquidating, all these reasons pile up on the mining stocks and when the dust settles new investors will cherry pick these beat up stocks and once again FCX will rise, it pays to be patient. good luck
The shorts are gonna get burned one of these days. Buy for a swing trade. It will bounce back by about 30 percent or 4-5 dollars to about 17-18 pretty soon.
this company has way much asset and earnings than AA and is trading at the same price as AA. The investors
have thrown the baby out with the bath tub. It will bounce back as there will be short covering.
once the projects are completed which they are almost in every area of their business and the capital expenditure drops and their cash flow increases and they pay out dividends you folks will be tripping over each other to get in. Every industry goes thru these cycles once every 2 to 3 years. Al the miners are beat up so bad their stocks are trading below book value. Now financials are in vogue but once they get valued then the techs will take a dump or some other sector. Have a nice evening.
BAC down to 3 dollars C down to 1 dollar GS low at 50, MS low at 11 and a couple years later look at them today. All stock go thru phases of correction. Do you remember when the energy sector blew up and HAL was down to 8 bucks and WMB was 1 dollar today WMB is at 50 and HAL split a couple times and is still at 45. Give FCX a couple years and it will be back to 50. Now go get yr self a #$%$ and a bottle of rum and wake up 2 years from now. For now buy finiancials they are headed up. FCX is long term for now.