Common Refrain (FCX, VIX)

Oil down, gold up, commodities down, volatility up. That's been the refrain on Wall Street for the last few weeks and nothing is different today. Oil is trading under $70 a barrel to its lowest level in three months. Gold is holding steady around $1,233 an ounce after surging past $1,245 last week. Copper is down nearly 6%, weighing on shares of Freeport-McMoRan FCX, which is down $3.14, or 4.50%, to $66.58. Volatility is up once again with the CBOE Market Volatility Index (VIX) rising 3.98 points, or 12.74%, to 35.22. The long-run average for the VIX is around 19 and a reading of around 30 indicates extreme investor caution.