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Wednesday, April 17, 2013 1:09:12 AM
FCX -->>> what I wrote last week before the big drop
puts went from $.71 to $2.83 today
http://www.optionmillionaires.com/2013/alert-this-stock-is-gearing-up-for-a-big-move-lower/
I’ve been following this stock for many years and have traded it countless times via puts and calls. While not every trade I have made has been a profitable one, overall this stock has been good to me. I think right now is the time to be getting in before the next big move lower in this stock. Its current weakness is a mere foretaste of the real downside to come. And this may all happen with stocks still gunning higher.
What stock is this I speak of? What kind of decline are we looking at?
FCX – Freeport Mcmoran Copper and Gold. I’ve been overall bearish on the stock for quite a while. I was in the puts in Decemember when they announced those ill advised acquisitions that sent the stock down from $39 to $32 in one trading session. I am surely not going to miss the next leg lower. We have a topping pattern in place that should result in the stock heading to sub $30 and then the $25 range. When the decline to new lows occurs it will be very profitable for those positioned in the puts.
I will be looking for the June $31 puts, last trade $.71, to take advantage of the drop that I see coming for this stock. Once a break of $30 occurs I think we could see $25 rather swiftly.
puts went from $.71 to $2.83 today
http://www.optionmillionaires.com/2013/alert-this-stock-is-gearing-up-for-a-big-move-lower/
I’ve been following this stock for many years and have traded it countless times via puts and calls. While not every trade I have made has been a profitable one, overall this stock has been good to me. I think right now is the time to be getting in before the next big move lower in this stock. Its current weakness is a mere foretaste of the real downside to come. And this may all happen with stocks still gunning higher.
What stock is this I speak of? What kind of decline are we looking at?
FCX – Freeport Mcmoran Copper and Gold. I’ve been overall bearish on the stock for quite a while. I was in the puts in Decemember when they announced those ill advised acquisitions that sent the stock down from $39 to $32 in one trading session. I am surely not going to miss the next leg lower. We have a topping pattern in place that should result in the stock heading to sub $30 and then the $25 range. When the decline to new lows occurs it will be very profitable for those positioned in the puts.
I will be looking for the June $31 puts, last trade $.71, to take advantage of the drop that I see coming for this stock. Once a break of $30 occurs I think we could see $25 rather swiftly.
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