Whilst the broader market saw a day of moderate swings, there was notable hyper upside in many of the resource stocks that have been destroyed since summer 2014. Freeport McMoran (FCX) settled higher by 17.8% at $5.72. Broadly though, the company looks extremely vulnerable to disappearing entirely.
Seen on the giant monthly cycle, the true horror is even more clear.
FCX has already been largely obliterated since the July 2014 high of $37.52.
Having decisively broken below the 2008/09 collapse wave low, FCX looks on its death bed.
*the stock looks pointless to short from such low levels. No doubt, many retail amateurs are sporadically buying on the notion that one day it will again be trading back to the levels of summer 2011.. or even 2008.
I'm extremely doubtful it'll ever see >$10 again.