Freeport-McMoran On The Move In Down Market

Traders are buying metals today, despite the fact that the stock market is down and the Dollar is up. Money is flowing into gold, silver, and copper. This is lifting shares of Freeport-McMoran FCX, which has bounced almost 2% to $48.90. Freeport looks like a bargain here, but the stock has been extremely frustrating. Year-to-date, FCX is down more than 18%. It just will not move in the right direction, at least from a long perspective. Economic uncertainty heading into the summer, along with the end of QE2, are likely headwinds, but if and when FCX changes trend, don't be surprised to see it move quickly higher.