Thursday, January 27, 2011

FCX

I have been watching Freeport McMoran for a few days now since my post FCX - Measured (bull) Move Over?  It sure does appear that da boyz grapped many by their ankles for a 'shake and bake'. This was accomplished via the move down Tuesday (actually a gap) thru the 107.50- 108 area (the shake) which looked to be a legit breakdown only to see a complete reversal yesterday of the prior days action.

I will be watching closely to see how FCX trades the first hour today, in particular how it reacts as it reaches the big gap down from a week ago.


Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:
Long 1 unit Direxion Large Cap 3X Bear ticker BGZ @ $19.34
Long 2 units Direxion Small Cap 3X Bear ticker TZA @ $60.30
Long 1 unit Direxion Emerging Mkts 3X Bear ticker EDZ @ $60.50
Long 2 units Direxion Financial 3X Bear ticker FAZ @ $19.65
Long 2 units Ultrashort Xinhua China ticker FXP @ $42.45
Long 1 unit Ultrashort Real Estate ticker SRS @ $49.10
Long 2 units Direxion Tech 3X Bear ticker TYP @ $52.60
Long 1 unit U.S. Dollar Bull ticker UUP @ $22.56 stop @ $21.44
Long 1 unit Powershares Gold Dbl Short ticker DZZ @ $8.38 stop @ $7.84

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