On Thursday, FCX hit on my short term buy signal, and had two confirmation signals hit as well (My daily signal still shows distribution but close to a confirmed buy signal, as well). This weekend Barrons wrote a positive article on the company that shows a severe discount to replacement values. Ironically, this is true for almost all the miners right now. When the market reacts to this price/value mismatch in the miners is a mystery to me, but I am anxious to play it again on the long side.
FCX is now on my daily watchlist to trade against my short term signals. I am passing on this signal for now, and will await the next buy set up and allow some of the euro drama to play out this week.
Personally, I think we either get a sell the news event, or worse, a sell off due to a recognition of the intractable nature of the debt situation.