AI
Thursday, September 17, 2009 8:19:54 PM
FCX CHART:
Hello All,
The miners all took a hit today. I am taking a bit of a risk here looking for FCX to take a little dip over the next few days of trading.
FCX had a difficult time getting through resistance right around $67. And now that this resistance has been broken, it looks like FCX wants to go back and see if this $67 level will now hold as support.
This is our play. I am banking that tomorrow we may see more selling from profit takers and FCX falls. I grabbed some PUTS right at the end of trading today to hold overnight. Here is what we did for the mini challenge:
Buy 6 FCX Oct $70/PUTS @ $3.60
Hello All,
The miners all took a hit today. I am taking a bit of a risk here looking for FCX to take a little dip over the next few days of trading.
FCX had a difficult time getting through resistance right around $67. And now that this resistance has been broken, it looks like FCX wants to go back and see if this $67 level will now hold as support.
This is our play. I am banking that tomorrow we may see more selling from profit takers and FCX falls. I grabbed some PUTS right at the end of trading today to hold overnight. Here is what we did for the mini challenge:
Buy 6 FCX Oct $70/PUTS @ $3.60
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