Thursday, February 24, 2011

Freeport-McMoran looks weak here...

From Yahoo Finance - Freeport-McMoRan Copper & Gold Inc. engages in the exploration, mining, and production of mineral resources. It primarily explores for copper, gold, molybdenum, silver, and cobalt deposits. As of December 31, 2009, its consolidated recoverable proven and probable reserves totaled 104.2 billion pounds of copper, 37.2 million ounces of gold, 2.59 billion pounds of molybdenum, 270.4 million ounces of silver, and 0.78 billion pounds of cobalt. Freeport-McMoRan Copper & Gold Inc. was founded in 1987 and is headquartered in Phoenix, Arizona.

Freeport (FCX) is looking rather weak at this point. If the market enters a downtrend, as we have talked about in previous post, this could be a lucrative shorting opportunity. The stock charts looks wear, as do FCX's two main sources of revenue, copper and gold.

Freeport-McMoran (FCX)
Gold (GLD)

Disclosure: No Position

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