FCX - big money call buyers

Freeport McMoRan (FCX) settled +2.9% at $19.96. The Dec'2017 close >$17s was decisively bullish, and offers first target of 24/25s, with secondary of 35s. The latter will clearly need copper around $4.00, which does seem viable this summer.


FCX daily

FCX monthly

Summary

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.
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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.