FCX and Copper (May 11, 2009)

I have moved to the sidelines since FCX broke down from the up channel. FCX has some exposure to gold so this stock a bit on the grey area when you see copper retrace a little.


Looking at the copper chart, I can see two possibilities...either copper moves sideways or retreats to the 50 MA.


FCX should theoretically retrace to the 200 MA or the 20 MA.



I am also watching the US Dollar, the weird part is the Dollar is down pretty huge and copper did not make any gains. So be on your guard for copper....don't short blindly, the trend is still up ya!