Freeport-McMoran Ramping Up (FCX)

Shares of Freeport-McMoran FCX have been gaining momentum over the last few trading sessions. Over the last 5 market days, FCX is up almost 10%. In addition, copper prices broke their 200 day moving average to the upside today. Many traders treat FCX as a copper ETF. If you are bearish, which is more than understandable given the precipitous decline in some of the leading indicators such as the Baltic Dry Index, shorting FCX at current levels could pay off. On the flip side, bullish investors may want to wait for a small pull back and then pull the trigger on this name, playing it from the long side.