Suffice to add, December saw a powerful breakout for FCX. Today saw a hit of the psy' $20 threshold, and we're well on the way toward first target of 24/25. Frankly, if you believe copper will eventually push to the $4s later this year, then secondary target of $35 is a valid target.
There was very significant call buying today...
|Pete Najarian of investitute.com highlighting the FCX call buying|
As at the Friday close, >66000 traded in the Feb'16th $22 calls, and >22000 of the March $23 calls.
Valid alternatives to FCX include: Southern Copper (SCCO) and Teck Resources (TECK). Of the three, I actually prefer SCCO, which is leading the way higher. FCX garners more attention though, as was especially seen today in option land.
yours.. bullish miners.