Freeport McMoran For Under $100 (FCX)

Freeport McMoran FCX has broken through the $100 level to the downside amid Tuesday's sell off. Currently, FCX is 3.15% lower at $98.77 with around 3 hours left in the trading session. The stock has not been able to get above the $100 level and sustain it. On a longer term basis, FCX looks attractive here, particularly if you are bullish on copper. The stock is still not terribly expensive on a valuation basis. Freeport trades at a trailing P/E of 12.56, a forward P/E of 10.23, and a PEG ratio of 1.15. For shorter term traders, a short position in FCX with a stop above $100 is attractive on a risk/reward basis. If this is the start of a deep downtrend, this stock could be at $75 in very short order given its sensitivity to the global economic outlook.