am now short FCX...today's late day rally failed at an intraday horizontal of interest
as of the close FCX is
on a confirmed sell on the 15 min based on price and MA's alone
the 60 min has remained on a prelim sell for most of the last 3 days....prelim means price and the other MA's are not yet below the 200sma on the 60 min
the daily remains on a buy based on MA's alone, tho' price is below the rising trend channel started off the the 6/26 or 6/27 low....other t/l's based on longer period are also relevant
today makes three consecutive red price candles off the new historic high achieved on sector strike news, etc that may have turned out better than expected on the day of historic high
-------
doodles
April 19, 2006 saw a high of 72.20
since then price has been volatile until,the new high this week of 95.85 on July 13th...a 32.8% price increase since the April 19, 2006 high.
a trader who traded several swings in the ups and downs of this stock since April 19, 2006 could have easily taken out profits of $12 on the downswing from the April 2006 high to the upside move above the downtrend line in March, 2007...at that point flipped to the long side of the trade for at approx. $60.50 and stayed in until this week's move back below $92 for simplicity sake for another $32 per share trade profits...total of these two swings is:
$12 per share
32 per share
equals $44 per share vs the $23 shown above by being a "core" holder in this name.
sure FCX may be trading in the $100 to 200 range down the road, but it needs to prove itself over and over till that happens.
today's price action has been filling the gap of July 12th...is it more than that?
QUOTE (hiker @ Jul 17 2007, 05:33 PM) 
am now short FCX...today's late day rally failed at an intraday horizontal of interest
as of the close FCX is
on a confirmed sell on the 15 min based on price and MA's alone
the 60 min has remained on a prelim sell for most of the last 3 days....prelim means price and the other MA's are not yet below the 200sma on the 60 min
the daily remains on a buy based on MA's alone, tho' price is below the rising trend channel started off the the 6/26 or 6/27 low....other t/l's based on longer period are also relevant
today makes three consecutive red price candles off the new historic high achieved on sector strike news, etc that may have turned out better than expected on the day of historic high
-------
doodles
April 19, 2006 saw a high of 72.20
since then price has been volatile until,the new high this week of 95.85 on July 13th...a 32.8% price increase since the April 19, 2006 high.
a trader who traded several swings in the ups and downs of this stock since April 19, 2006 could have easily taken out profits of $12 on the downswing from the April 2006 high to the upside move above the downtrend line in March, 2007...at that point flipped to the long side of the trade for at approx. $60.50 and stayed in until this week's move back below $92 for simplicity sake for another $32 per share trade profits...total of these two swings is:
$12 per share
32 per share
equals $44 per share vs the $23 shown above by being a "core" holder in this name.
sure FCX may be trading in the $100 to 200 range down the road, but it needs to prove itself over and over till that happens.
as of the close FCX is
on a confirmed sell on the 15 min based on price and MA's alone
the 60 min has remained on a prelim sell for most of the last 3 days....prelim means price and the other MA's are not yet below the 200sma on the 60 min
the daily remains on a buy based on MA's alone, tho' price is below the rising trend channel started off the the 6/26 or 6/27 low....other t/l's based on longer period are also relevant
today makes three consecutive red price candles off the new historic high achieved on sector strike news, etc that may have turned out better than expected on the day of historic high
-------
doodles
April 19, 2006 saw a high of 72.20
since then price has been volatile until,the new high this week of 95.85 on July 13th...a 32.8% price increase since the April 19, 2006 high.
a trader who traded several swings in the ups and downs of this stock since April 19, 2006 could have easily taken out profits of $12 on the downswing from the April 2006 high to the upside move above the downtrend line in March, 2007...at that point flipped to the long side of the trade for at approx. $60.50 and stayed in until this week's move back below $92 for simplicity sake for another $32 per share trade profits...total of these two swings is:
$12 per share
32 per share
equals $44 per share vs the $23 shown above by being a "core" holder in this name.
sure FCX may be trading in the $100 to 200 range down the road, but it needs to prove itself over and over till that happens.
the moderators can make your comments visible, but I do not see your comments yet....
FCX is a good trader using simple methods of analysis
FCX is a good trader using simple methods of analysis
QUOTE (hiker @ Jul 17 2007, 06:58 PM)
the moderators can make your comments visible, but I do not see your comments yet....
Hiker you can make them visible too, he failed to add the comments.
mss
Hiker I don't know. Looks like 85ish is the most likely, but it might stop right in here. I sold half mine mid-day but still have a few
shares.
mss
fcx
60min sell........S@ 88 if taken out.......next S@82
60min sell........S@ 88 if taken out.......next S@82
Hiker,
Sorry about the screw up above -- hit the wrong button. Can't chew gum and post at the same time. The gum was good.
I generally agree with you that the swings in the metals stocks can and should be played if one is nimble and disciplined. Long-term (five years or more) gold bugs can see a bull market here but the indices and most of the stocks within them have been swinging back and forth in tradeable waves now for 18 months or so (see HUI OR XAU charts, or the daily charts of GLD or SLV). So why not play the game?
However with FCX... It should be noted it is one of the stocks in the complex clearly on a bull move (probably because of copper, see also PCU) and should be shorted carefully. It swings with the rest but can turn quickly against shorts.
One might look more to the stocks moving with the HUI, like ABX, GG, MDG, HMY, GOLD, for swing trading in this complex, or to the losers over the last 18 months like NEM, AU, RGLD.
On the long side of the swings, FCX, PCU, SA, AAUK, and SSRI look to be worthwhile.
Sorry about the screw up above -- hit the wrong button. Can't chew gum and post at the same time. The gum was good.
I generally agree with you that the swings in the metals stocks can and should be played if one is nimble and disciplined. Long-term (five years or more) gold bugs can see a bull market here but the indices and most of the stocks within them have been swinging back and forth in tradeable waves now for 18 months or so (see HUI OR XAU charts, or the daily charts of GLD or SLV). So why not play the game?
However with FCX... It should be noted it is one of the stocks in the complex clearly on a bull move (probably because of copper, see also PCU) and should be shorted carefully. It swings with the rest but can turn quickly against shorts.
One might look more to the stocks moving with the HUI, like ABX, GG, MDG, HMY, GOLD, for swing trading in this complex, or to the losers over the last 18 months like NEM, AU, RGLD.
On the long side of the swings, FCX, PCU, SA, AAUK, and SSRI look to be worthwhile.