Trade Alert! Freeport Is Moving Fast (FCX)

Shares of Freeport-McMoran (NYSE: FCX) have been on a wild roller coaster ride in recent months. Over the last 52 weeks, this highly traded copper and gold miner has climbed 165%, but don't tell this to the people who bought around the high of $90.55. If you bought that top, you have taken a bath since mid-January, when the stock fell off a cliff, and made a low of $66.69 on January 29.

I have been watching this name closely and am bullish on the stock over the next couple of years. It is very volatile, however, and has a beta of 1.88. Getting long at these levels in FCX is not for the faint of heart. If you do decide to play the recent momentum in Freeport, use a tight stop loss. Over the last 5 days, the shares have climbed more than 11% to $74.05. The pros are looking to buy this name above the $74 level, and think that it could go to $80 in short order. On a pullback, look for near term support in the $69-$70 range.