FCX is going lower.... you heard it here first. For those of you who don't know what FCX does:
Freeport-McMoRan Copper & Gold Inc. (“FCX”) is an international mining industry leader based in North America with large, long-lived, geographically diverse assets and significant proven and probable reserves of copper, gold and molybdenum.
FCX is putting up a very reliable pattern. One that shows the stock, in my opinion, falling well over 35% from current prices. Am I crazy? We will find out now. Currently the Sept. $33p are going for $.34. Tomorrow I will put my money where my mouth is:
LinkedIn(LNKD) is a stock we constantly have on watch and took notice again last week as the stock closed above the 50 day moving average. Figured the stock would start breaking out to the upside and looks like a possible 3+ day rally is in the cards. There are quite a few skeptics who have been calling for a serious pullback based on LinkedIn's(LNKD) 900+ P/E ratio. Those shorts should help add fuel to the fire and push LinkedIn(LNKD) over $111 short term.
Volume can tell the story. Take a look at the end of day volume on Monday:
Looked like big money was bidding up the stock on Tuesday from it's $104.40 low and expect more of the same for the rest of the week. We currently hold $110 weekly calls.
By Christopher Diodato
You can hear the same question across most media outlets. What recovery? Most world markets made their final top in August of 2011, right when the US had its credit rating downgraded. Since then, America has been the only major index to continue to make new highs. This could lead one to think that the recovery has reached a point of stagnation.
However, it gets worse. The Shanghai Composite index looks like it never even had a recovery. Here’s the chart.
Note the target of 1018 in the long term. What’s the adage? A mania always ends below the starting point?
So, why place importance on the Shanghai Composite? China is an emerging market, and investing there is still a high risk/high reward situation. The China 25 index is what some would call the “government monopoly index,” while the composite contains other, smaller, companies, and is therefore more representative of the health of the Chinese economy.
Essentially, it’s the riskiest index of a risky country, and therefore, it usually leads both market tops and bottoms. So, when a sell signal is issued in this index, as it was when it broke 2100 last night, expect the rest of the market to follow through soon.