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Strategies & Market Trends : 50% Gains Investing

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From: Dale Baker	7/9/2012 9:29:43 AM
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Copper With fears about the economy resurfacing on Friday we saw shares of Freeport-McMoRan ( FCX) fall $0.46 (1.30%) to close at $35.01/share. Volume was quite strong at 26.1 million shares, and one good piece of news to take away is that shares did close above $35, although we seriously doubt that they shall remain above that level after today as world markets are red across the board. If the world economy is looking to back off, we should expect the same from Freeport. Our price target if China and the EU are back in the headlines, as appears the case this morning, would be the $32-33 range. We are currently in no man's land as it pertains to the economy and that puts Freeport in quite a predicament as the economy is not good enough for the copper portion of the business to take off and not bad enough for the gold to carry shares higher. We are stuck in a sweet spot for investors as there is a bottom in the shares, but how they move higher is unclear at this time (unless of course it is the shares rallying on news of settlements over tax rates in Asia and Africa).

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