FCX copper about to make a bull run?
Updated
I received a tip from a Hedge Fund Manager that this stock will go up to $50.
I did research on Fidility, Schwab, TDAmeritrade, and Ally on this stock. They all say: most said HOLD, some BUY, and few said SELL.
I'm moving my money from my cannabis stocks to this one.
It's earnings is coming out 24th of this month, on Wednesday.
APHA earnings is coming out 8/1, one of my cannabis stocks. I don't think they are going to outperform copper and gold in next 6 months. I think that Federal Gov will continue to make regulations difficult for this industry.
My plan is to scale into FCX. buy some on monday before earnings on wednesday. then depending how it reacts, buy more afterwards. Last earnings was negative, but stock still went higher.
It seems like this stock is in an ACCUMULATION stage based on volume analysis.
Back in 2008 to 2010, it climbed from $10 to $60.
From 2003 to 2009, it had a major bull run with the s&p. Both also tanked during financial crisis. They do not move in tandem. Beta is above 2 (meaning it is twice as volitile compared to S&P. Below shows a chart for this action.
I did research on Fidility, Schwab, TDAmeritrade, and Ally on this stock. They all say: most said HOLD, some BUY, and few said SELL.
I'm moving my money from my cannabis stocks to this one.
It's earnings is coming out 24th of this month, on Wednesday.
APHA earnings is coming out 8/1, one of my cannabis stocks. I don't think they are going to outperform copper and gold in next 6 months. I think that Federal Gov will continue to make regulations difficult for this industry.
My plan is to scale into FCX. buy some on monday before earnings on wednesday. then depending how it reacts, buy more afterwards. Last earnings was negative, but stock still went higher.
It seems like this stock is in an ACCUMULATION stage based on volume analysis.
Back in 2008 to 2010, it climbed from $10 to $60.
From 2003 to 2009, it had a major bull run with the s&p. Both also tanked during financial crisis. They do not move in tandem. Beta is above 2 (meaning it is twice as volitile compared to S&P. Below shows a chart for this action.
Note
I edited my post to take "TDAmeritrade report said that copper demand is outweighing supply." out. I don't know if it reflected this yet. I meant to say that my research I did from the TDAmeritrade site convinced me that copper is in the process of becoming high demand. I do not know what TDAmeritrade itself says about this topic.Note
Plan is to scale into postion 10 times til it reaches 100 shares. Bought 10 shares at 11.40. today.Note
After the earnings report, stock went down a little to 11.60, then went up to 11.90. My max price is $12 for 100 shares. I felt FOMO, so I bought 40shares at 11.91, and 30 shares at 11.97. I read that they are ramping up production in gold. I'm holding out to buy my last 20 shares when more funds become available in my account, which will be in a few days. They were 1 cent better than expected loss of 5 cents.Note
bought 20 more to complete my 100 shares today @ $11.56. Average price for all shares is $11.81. Now its time to wait for 6 months or more. I will think about selling if it hits $30.Note
Read that Trump is making it difficult for China with the tariffs, and how China uses half of the world's copper. How copper is used to hedge against inflation. I think we are at the beginning of inflation right now. This company does gold and silver too. Even though the trade wars with china will slow the economy (bad for FCX), I think inflation will keep coming (good for FCX). Best to hold.
Even if Fed lowers interest rates, the dollar is still stronger than others because of "massive quantitative easing throughout the world." (marketwatch.com/story/heres-what-happens-to-us-and-emerging-markets-stocks-and-the-dollar-if-the-fed-cuts-interest-rates-this-week-2019-07-28)
It seems like inflation is coming, which is good for this stock.
Note
Trump planning to impose 10% tariff on China Sep1, negotiations did not go well. China is threatening to stop trading with us. Trump giving speech today.FCX is holding up pretty well compared to what the S&P is doing. I believe Trump and China will meet in the middle before the end of this year. I believe Trump wants stocks to go up during his presidency, so he will figure a way to now end trading with China. Keep holding this stock. Right now it's at 10.21.
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