FCX - major breakout

Freeport McMoran (FCX) gained 8.5% today, closing at levels not seen since March. Clearly, we're back to the 'green shoots of Springtime'. The gain itself was largely inline with the rest of the mining sector.


FCX, daily

Summary

A clear breakout, next key level is around 40-41. That seems very viable next week. Only with a break back below $36 could I get bearish on FCX and the broader mining sector.

Despite today's ramp, the underlying global economy IS slowing, commodity prices are arguably only ramping because of the 'hopes of QE'. Even if QE happens in the next week, what then? Is it almost already all priced into stocks like FCX ?
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FCX remains one of the best companies out there, and will be important to watch next week. It will be a good indication of where the broader market might be headed this Autumn.