Monday 25 June 2012

FCX - miners caving in..again

Freeport McMoran (FCX) had a lousy day, very much in line with the broader market.


FCX, daily



Summary

Mid 35s are now becoming a fast distant memory. Primary target for FCX this summer is...20. That is indeed a VERY bold target, but is very much in line with my GDX target decline of around 30%. The bigger miners will lose 25/30%..with the smaller miners (especially the loss making ones!) 50/75%.

A very difficult summer ahead for all mining stocks.