Time To Look At Freeport? (FCX)

Freeport-McMoRan Copper & Gold Inc. FCX has shown incredible strength today, gaining 2%, despite sharp weakness in the equity markets.

The stock hit a low of $46.53 this morning on fears the world was ending again (I guess it didn't), and is now approaching the $50 level. Volume has also been exceptionally strong today, so it's possible this could be the capitulation selling everyone was looking, and we move higher as a result of this morning's fierce sell off. Almost 17 million shares have been traded today, which is about 2 million short of the company's average daily volume.

Freeport-McMoRan Copper & Gold Inc. engages in the exploration, mining, and production of mineral resources. It primarily explores for copper, gold, molybdenum, silver, and cobalt deposits