Well, now that Hillary has refused to accept the results of the election (surely one of the most ironic decisions in political history, considering all the crap people were throwing at Trump about how he was going to wreck global democracy by doing the exact same thing), I’m going to hit the sack. It’s been one hell of a night here, Slopers. No doubt trading tomorrow should be one for the books. Bless you all, especially Plus members.
Slope has never…………EVER………..had so many comments. Most financial blogs, including the big ones, garner a few dozen comments for a post. Tonight we’ve got something like FIVE THOUSAND. This is truly the greatest financial blog out there.
So……anything going on tonight? Seriously, though, my right hand is continuing to kill me, so I’m not exactly in the mood to type. You good folks can follow the election and gab about it, which is going to keep all of us busy through the night. It should be an interesting evening!
Freeport-McMoRan Inc. (FCX) climbed above 11.50 this morning. By the look of the spike to 11.85, this forced a wave of short-covering, and triggered the upside potential off of its Sept-Nov base formation carved-out between 11.10/30 on the high side versus 9.50/30 on the low side. The optimal next target implied by the upside breakout is in the vicinity of 13.00. That said, the next extreme near-term resistance barrier is 11.95-12.00, which represents the 62% recovery-retracement zone of the entire prior downleg from 13.59 to 9.24.
Originally published on MPTrader.com.