Freeport-McMoran Rises 6% On Enormous Volume (FCX)

Shares of copper and gold miner Freeport-McMoran FCX gapped sharply lower this morning along with the major averages. The stock has been aggressively accumulated, however, throughout the trading day and is now almost 6% higher at $51.65. This has all of the makings of a significant bottom in FCX.

There was capitulation in the morning, and then a huge volume reversal to the upside throughout the trading session with the stock likely to finish on its highs. A number of other material names are seeing significant buying interest today and this could be a signal that the sell off in materials is nearly over.