As I stated in an earlier post:
A note to readers: I was deciding between this and Freemont-Mcmoran Copper & Gold (FCX) as my third posted trade. FCX is also a high beta commodity name with big gains since March. With China’s bubbly copper purchases running out of fuel (and the beginning of the liquidity extraction process there), FCX is a great fundamental and technical play, especially if the USD continues climbing. It also had a huge down day today.
And according to Nomura, FCX is 17th on the list of highest trading value equities, with a monthly turnover of over 67%, underscoring how much of a high beta, hot potato stock this really is.
If the market continues its sell-off, FCX should me among the hardest sold names. It remains perched on its 200DMA right now but I am selling/shorting strength at this point and the bounce to $72 and subsequent correction triggered my short at the $71 level. Markets are choppy right now, so this could be a stock we have to try a few times on the short side before we get a sustainable position that isn’t stopped out.