Have We Found A Bottom In Freeport-McMoran? (FCX)

Stock market bulls had better hope that Freeport FCX hammers out a bottom soon. This stock is a leading copper miner and trades much like a copper ETF. Copper prices have a reputation of being a very reliable indicator of the health of the global economy and they have been headed south recently, along with FCX's share price.

On Friday, however, FCX is ripping higher and we could have put in a bottom yesterday when the shares held up much better than the broader market. Make no mistake, the price action in FCX has implications for the entire stock market. While the near-term price action is down, the last two trading days may indicate that the rally in stocks is not going to end.