the Russians join in the oil will spike to 40-45 bucks per bbl and FCX will be around 15-20 bucks and if commodities pricing improve with the dollar softening FCX shud be at 25 or so. Its just the waiting game. The Saudis cant hold to 30 dollar bbl for very long as its eating their bottom line so price of oil is gonna spike pretty soon.
They offered the Indonesian govt 10 percent share of their Indonesian Grasberg copper mine for 1.7 billion dollars plus gold was up today. With that said FCX will have enough cash to see this debacle through and prices rebound.
Price of Copper will pickup, not so sure about OIL cause for OIL to pickup OPEC has to cut output and nobody is willing to do so and the Russians are pumping like crazy, OPEC is as well and with IRAN coming onto the mkt OIL could go further lower but i hope some common sense kicks in.
Peabody down 18 percent and Consol down 10 percent but FCX is not a coal producer but the Chinese economy showing cracks and dollar getting stronger is dragging oil down and with anals blaring their mouthpiece about oil at 20 is dragging the stock for no reason.
speculation and dollar getting stronger will drive down oil lower is the heart of all speculation driving the stock down. Wonder when all this BS will end.
It was an ugly day and investors dumped stocks from the opening bell into the close. The financial stocks were sold as the 10-year T-Bill eased to a 2.20% yield narrowing the spread between short and long term bonds. That's a negative for bank stocks and shares of Bank of America (BAC), Wells Fargo (WFC) and JP Morgan Chase (JPM) were all off more than -2.5%. In addition, the Regional Banks ETF (KRE) was off -2.73%. It looks like the Grinch will keep Santa away. Keep an eye next week on crude oil prices. If they stabilize, the seasonal bias could give stocks a small lift. However, if crude prices continue to fall, the major averages will retest the August-September lows.