Copper advanced 15 cents or 7% higher from my previous post and it looks like we are going to see much more strength as it was just a warming-up.
Chart 1. Copper-Oil Weekly: The Metal Tries To Catch Up Consolidating Crude
Chart courtesy of tradingview.com
The comparative chart above became a tradition. This time, there are no dramatic changes on it and the only drama here is the failure of crude oil to surpass the first strong barrier at the $50 mark (black dashed horizontal line). Oil has been stuck in a $5 range between $45 and $50 levels. We are at a crucial point as soon we will know for sure if it was a strong correction in oil before another huge drop to the $26 low or below or is it a consolidation before the break through $50 and then $60 barriers within a new uptrend. Continue reading "Freeport-McMoRan Could Double Amid Strong Copper"→
The Fed announced we MIGHT get 2 rate hikes in 2016 starting in July. Sure, as long as the S&P 500 is pushing all-time highs on a daily basis!
We came into the announcement with commodity-related positions highlighted in the last video we posted, and also, we put a new options position to work in emerging markets. Let's dive in and I'll show you how we're trading this.
One of the many benefits of MarketClub is having a great network of traders who use our service and share their ideas. This particular stock idea came from Harold, who has been a member of MarketClub for several years. Harold shared his stock idea with other members of our Member Blog yesterday.
This morning, I decided to take a look at Harold's stock idea, Freeport-McMoRan (NYSE:FCX). What immediately caught my attention was the rhythmic nature of this stock and how it almost performed like clockwork.
1. RSI indicator 2. Downtrend line and breakout 3. Major low established after trend line breakout 4. First cyclic low, 28 days after major low 5. Second cyclic low, 23 days after previous low 6. Third cyclic low, 28 days after previous low 7. Potential fourth cyclic low, 26 days after previous low 8. Potential upside target $40Continue reading "Like Clockwork, Freeport-McMoRan (FCX)"→
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