The biggest reason for todays fall were strong hints of another possible rate hike. However Janet Yellen is against this & enough members agree with her to block. Of course this brings out alot of uncertainty which is never good.
Also we went up most every day so a correction was over due & with the Fed news it was way overdone on all commodity stocks.
Here is some good news which may help stabilize FCX
1) Home building in the US & more importantly China are on the rise.
2) India, the worlds largest importer of Gold saw Feb imports half that of Jan. due to Jewelers strike.
with that now settled expect pent up demand & imports for gold.
I believe patience will be rewarded, however any more rate increases before the expected one in Dec. will have a negative action on commodities.
Wed. up over 10%, Thurs. up over 6% So overdue for a pullback, profit taking, we go down about 1%. No significant selling.
With the weak dollar, copper, gold & oil will go highewr & FCX will be there & smart longs will enjoy the rise.
Nice weekend to all
Added on to yesterdays over 10% gain
Today's volume almost 53M with bog blocks at the end buying.
To state the obvious, This stock is in play. Expecting a pullback but then just fasten the seatbelt & enjoy the ride.
If copper, gold, & oil can sustain this rally over a period of time & hold it, I would not be surprised to see significant eps upgrades & higher prices for sales of assets to pay down the debt.
Numerous companies make it a practice of under predicting & when the time comes over perform or pre-announce stronger than expected earnings.
I see no reason why business will stall from their current growth rate.
Patience will make this a lucrative investment. IMHO