Daily Archives: August 22, 2017

How Much Higher Can FCX Climb?

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A week ago, we noted to our members to keep a close eye on Freeport-McMoRan Inc. (FCX). 

The chart pattern argued for the price to thrust into a new upleg after completing a 3-week correction. 

The correction, from 15.27 on July 26 to 13.81 on Aug 11, held key multi-month support, and positioned the chart into a bullish cup-and-handle formation. 

Given the compelling technical set-up — portending greater demand and inflationary pressures in copper and others metals — we added FCX to our model portfolio on August 17 at 14.47. 

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Wow. Oh, Wow.

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Last eclipse post, promise………..I wanted to share with you a video I took of what happened when totality occurred. There were about thirty or so people gathered together in rural Oregon with me, and you can hear people’s reactions (including my own – – and, trust me, this is probably the only time I’ve used the word “dude” before, but I was in a state of shock).

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Patriots And Tyrants

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One of my favorite Thomas Jefferson quotes is that ‘the tree of liberty must be refreshed from time to time with the blood of patriots and tyrants’. Among other things that’s a reminder that all the powers of the state, however benign or harmless they may seem, are ultimately based on force and the threat of force, and every so often the use of violent means is inevitable either to maintain, alter or curtail that power.

What’s my point? Well markets are similar in the sense that any trend needs to be refreshed from time to time with the extraction of red ink either from those who challenge it, or those who defend it, sometimes both. In a downtrend that often involves a backtest of the daily middle band and it looks like we have another of those coming up shortly. (more…)