FCX - sharply lower on lousy earnings

With the broader market weak from the open, and with earnings coming in poorly, Freeport McMoran (FCX) opened sharply lower, settling -6.1% @ $18.38. With Copper approaching the deflationary target zone of $2.30/20s, FCX should put in a multi-year floor by mid summer.


FCX, daily

FCX, monthly

Summary

*I'll let others detail earnings. Suffice to say, lousy numbers... but not surprising, considering the continued broad downward trend in commodities since spring 2011.
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The monthly MACD (green bar histogram) cycle is now on the very low side, I'd be surprised if FCX goes much lower than the $17s.

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*I consider FCX one of the top miners in the world, and will be seeking to pick up a position by late summer.. with the intention to hold across 18/24 months into 2017.. when I anticipate a cycle peak in commodities.