Freeport-McMoRan Inc. (NYSE:FCX)

Strategy Session January 10th, 2018

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  • Sher: Took profits on the following long call positions: $KKR - ER, Thurs. $MRK - ER, Fri. $PYPL - ER, today (A/C) $TNDM - Day trade - STC on AM spike - Spreads just too crazy - ER on the 30th. Closing out $NFLX & $FCX option positions - Annihilated on both... Just needed to reduce # of positions and stress level...
  • DAN: @Sher $KKR $MRK $PYPL $TNDM $NFLX $FCX Always. When the stress is getting too high, it's important to get rid of it. The market will always be open for business.
  • Sher: @DAN $KKR $MRK $PYPL $TNDM $NFLX $FCX - For sure - Have been dealing with post-op cardiac issues, so for me stress reduction is a must... Thank you for your support.
  • DAN: @Sher $KKR $MRK $PYPL $TNDM $NFLX $FCX Definitely take care of your heart, Sher. Super important to manage your health. Frankly, and obviously, that's a heck of a lot more important than any trading result you might get.
  • Wolf: $FCX For swing traders, $FCX is at the bottom of the YTD range.
  • bRobert: $FCX Reversal pattern in place. WEEKLY W with higher low bollinger. Watching for trigger to $21+. A barometer of construction.
  • Sher: $CMCSA – Back in, yesterday, with Aug. $43.50 calls @ $1.70/share – Took profits on prior long position, same strike, @ $2.60. $NRZ – Opened new long call position, also yesterday – Aug. $17 calls @ PPS of $1.35. Recent long call adds: $ICE – Sept. $77.50 – Also long common – Nice bounce off 20-day MA. $MRK – Aug. $62.50 – PB to 20-day MA – Think temporary bottom in for now – Back above VWAP. $NVDA – July $265 – Nice reversal of yesterday’s $255 low – Being added to S&P 100, today – Anticipating strong phase 3. $PYPL - July $85 call position up 52%, today – Tagged 20-day, yesterday – Nice bullish reversal today. New positions, today: $FCX – Sold out of this one way too early – Back in with July $30 calls @ $1.50 PPS. $WPX – Long Aug. $18 calls – Squeezing to the upside after 4 weeks of sideways consolidation.
  • baronp0329: @Sher $CMCSA $NRZ $ICE $MRK $NVDA $PYPL $FCX $WPX Nice trades Sher! I like the NVDA and PYPL. Long NVDA Jul calls and BuPS, and PYPL Jul Calls too. Good luck.
  • Wolf: $FCX restarted my position @ 16.95 (50 DMA)
  • bwcarnation1: $FCX $TECK doing well today. $FCX just above the 50/200d.
  • Wolf: $FCX Starting to fill the earnings gap. Long full position.
  • Wolf: $FCX 50 DMA is holding. Added a little.
  • Wolf: $FCX Up 1.5%, continuing to fill the earnings gap. $XME is strong as well.
  • Wolf: @BocaRick $FCX Added a little RHRN. Will add more if it closes above the 20DMA. I think if it does, it will fill the earnings gap.
  • PJMR11: @Wolf $FCX Still on the downtrend on 8ema
  • BocaRick: $FCX back to 200MA watching
  • bsafriet: $SAIL $PAGS $FCX All moving up today. $CASA continues to slide. $AAOI up 3.5% today
  • JonSeale: $FCX continues to rock out of volatility squeeze higher...not a squeeze, sorry, but it's expanding
  • bsafriet: $FCX Anybody catch this move today? Clean break through downtrend trend line. E/R 4/24 BMO. no position
  • JonSeale: Notably, $FCX is bumping right up against the previous day's high but getting knocked down as supply rushes in...very interesting IMHO that it's up strong seemingly while not going more than 5 cents higher than the previous close.
  • Wolf: $FCX Squeeze, UP 3%, Poking it's head back above the 50DMA.
  • bRobert: $SCCO .$FCX . $JJC higher highs/lows SCCO nh . FCX close to high. Like the weekly. Holding leap calls from below
  • antfarm: $FCX This bounced off the 20d 50d crossover yesterday. I opened a starter position @ 19.02.
  • Wolf: $FCX Up 3%. Bounce off the 50DMA through the 20DMA. Looks like it could break out. Taking a small position (trailing buy).
  • bRobert: $FCX flag. Target $24+
  • woodman: $FCX - looking productive.
  • woodman: $FCX - mentioned it yesterday and again this morning. It's still cranking.
  • woodman: $FCX - pullback and bounce off 50 fib retracement (11/15/17 - 1/25/18).
  • Alexander: @woodman $FCX Mr Woodman. I hope you are doing well. Could you update us on status of your portfolio? Did you start to deploy your capital to "long term" assets, or you still more in cash today?
  • woodman: @Alexander $FCX - I do have $$ in long term stuff, but I also have some available cash. In the long term column, I recently bought $BA and $V, and I recently added to $AMZN and $SIVB. I have also nibbled on $ALGN which I would *like to* hold long term but we shall see how successful I am doing that. I am intrigued by some of the health care plans following their pullbacks, and am considering settling on one for long term with the following as my current candidates: g: $UNH $CI $WCG $CNC. I need further research, however, and I do wonder what affect AMZN's health care initiative will have (though it's likely some time away).
  • woodman: @Alexander $FCX - something important you should understand about my (and my family's) investments. The vast majority of my families' long term money is in my wife's 403 (accumulating over 30 years since she was 22 years old) and in my kids' 529 col ...
  • Alexander: @woodman $FCX $BA $V $AMZN $SIVB $ALGN $UNH $CI $WCG $CNC I like your portfolio. You do not need luck. thanks
  • Alexander: @woodman $FCX Thank you again for your honest replies. That will help us all to achieve better results. Could you tell me please about your stops?. I assume they are 'mental' - not placed online yet, but I am curious how they are placed below purchase price. I am thinking if you allow your losses to be grater than X percent, and if you adjust these stops or you never adjust your stops.
  • woodman: @Alexander $FCX #stops -I suggest you check out what Dan has put together for members here at SMM regarding stops. He has provided a fair amount of information here:
  • woodman: @Alexander $FCX $BA $V $AMZN $SIVB $ALGN $UNH $CI $WCG $CNC - As a further fyi, I do keep some $$ completely outside the Market as well, including even safe vehicles and cash designated entirely for my business and for keeping the lights on. :-)
  • mgoodw: $FCX Anyone- how are my calls nosediving, with the price up!!, and my puts aren't moving at all? Friday and earlier this AM if my calls went down $100 my puts went up $100. Is this price manipulation? I don't understand this.
  • bRobert: @mgoodw $FCX Volatility contraction reducing option premium
  • Wolf: @mgoodw $FCX What strike and expiration?
  • Squid: @mgoodw $FCX need more info call strike expiry etc
  • mgoodw: @mgoodw $FCX mar 16 $15 puts and may 18 $23 calls
  • mgoodw: @bRobert $FCX what will make that go back up?
  • Squid: @mgoodw $FCX did you sell the puts and buy the calls? If so the puts should expire worthless (you keep the premium). The calls on the other hand may not hit the strike. My research has it topping at $22 and change.
  • mgoodw: @Squid $FCX bought both, if I sell my puts right now and break even on those. Do you recommend that?
  • Squid: @mgoodw $FCX If you bought puts for protection and you can break even I would bail. The calls however are a crapshoot. If you believe the price will go up beyond $23 plus the premium you paid you could get lucky. Keep in mind China was dumping copper last week. and FCX is in negotiations with Indonesia to keep operating its mines.
  • mgoodw: @Squid $FCX great info I wasn't aware of that, thanks!
  • bRobert: @mgoodw $FCX Sharp bounce $VIX
  • DrScience: @bRobert $FCX It's not volatility contraction reducing the premium, but instead, supply and demand has changed at the strike prices @mgoodw notes. The MAR 15 Puts (below the 200 DMA) aren't moving because the strike price is just inside the 3rd std dev range. So, being way out on the flat portion of the probability distribution curve, it would take a stock price move of 17% to threaten the strike price -- and the probability of that occurring is about .2%. Volatility premium (Option Vega) has actually increased, adding about .6 to 1.2 cents to the value of both option strikes. But, If anything, its Option Delta having the greatest effect on the calls. Delta in the MAY 23 Calls is overwhelming those pennies with a .20 drop from Friday.
  • mgoodw: @DrScience @bRobert $FCX Thank you both for your input. I unloaded my puts for a small profit and am closely watching my May 16 23 calls, right now I'm down 20% on those and hoping this level at 50 dma will hold. Thoughts?
  • DrScience: @mgoodw $FCX Depends on what your thesis was for buying the MAY 23 Calls. If you bought them hoping for a breakout of the volatility squeeze after earnings, that thesis was invalidated by the move below $19. Support at the 50 DMA may help the stock recover prior levels, but hoping for an $5 move in the next 100 days is going to require some help. Without a catalyst to kickstart upward momentum, which has been broken on the weekly chart, your option play will likely founder.
  • mgoodw: @DrScience $FCX Was honestly looking for a small pop with the chart for a few reasons,,,,dumb move. Now just want to break even.
  • mgoodw: $FCX taking a dive
  • issues: Stopped out of: $SPR $LUV $ESPR $CC$FCX$ CAR $WB $CVS $NVDA $CTRL $MRVL
  • DragonFly: $FCX - in a 5% squeeze - keep a watch on this one
  • Wolf: $FCX Pretty tight squeeze. Watching
  • pookie: @DragonFly $FCX excuse me for being mr. obvious, but this sqz is very extended above both 50 and 200 dma. just saying.
  • DragonFly: @pookie $FCX all true You can close your eyes, I'll watch it but I don't think it's going back to $14.00
  • indigo1948: @DragonFly $FCX - if this goes back to $14.00 I will really load up - but I strongly doubt it
  • pookie: @DragonFly $FCX i agree. i dont think i implied it was going to 14.
  • mgoodw: @DragonFly $FCX I'm still Learning about squeezes. The tighter the better and it SHOULD go up? Or you can't tell the direction?
  • DrScience: @mgoodw $FCX Squeeze can fire to the downside as well as the upside. Set your alerts and/or set buy/sell stop orders for automatic entry.
  • mgoodw: @DrScience $FCX Thanks!
  • champ: @optionswealth #StocksFebruary ---- I have a few on this list that I'm watching for re-entry right now....I have a small position in $PXD and also on my #Watch Buy list for re-entry is..... $XEC $AMD $FCX and $TJX and a add on $PXD.....OK, Thanks.
  • Aragorn: $FCX is in a consolidation at the 8ema and we have an inside day. I expect his to beak higher but will wait until the inside day is taken out before I enter. I expect this to go much higher and SCCO is kind of leading he way by being ahead of the mo ...
  • bRobert: $FCX . beat and pop. Not a surprise with copper prices surging. Target 1 $24 Long leap calls.
  • DragonFly: @bRobert $FCX should open just a tad higher than the upper BB I added last week on the dip - happy camper now. Just hope the market doesn't repeat yesterdays action
  • bRobert: @DragonFly $FCX You need a little wall of worry to keep things going. If things looks too rosy, everyones in. Nobody left to buy. Pullbacks are healthier for the market in the long haul. Shares go to stronger hands. Better base building and entries. The elastic becomes less stretched. Try and learn to embrace pullbacks. They are opportunities to buy top grade merchandise on sale.
  • bRobert: $JJC 20week bounce $FCX weekly flag. Next target $24
  • Workinman: @champ $SID Holding onto my position in $X for now. Zig-zags but not as much as $SID. Watching $FCX for reentry. $CENX looks hard to get into RHRN. Maybe add some $SID on a zig downward.
  • champ: @Workinman $SID $X $FCX $CENX ---- Hard entries on all but this could be the new normal and this has happen many times before...its the wall of worry ...the zigs.....the key questions are ...which one will break thru, their high and BreakOut....and also which one has the most to gain. There are also many other global investors buying stocks....and the volume is over the daily average in all the metal stocks today....but this sector $XLI needs to keep climbing for the metal stocks to work, $XME... but gold is also kicking up the metal sector....however, they both have to work and they have been, for the last 60 days.
  • champ: $ATI @ $29.50 HOD ---- I really like this company and I had a post on 1/11, where I said that this was my #Top-Pick in the sector. I added 25% this morning, to my trading position and I'm also holding a nice size Core position, long term. All the metal positions are holds and are not trading positions....but I did take profits on $FCX because they will be reporting earnings on 1/25 and I also pick-up a little negative News.
  • Geewhiz: @champ $ATI $FCX #Top-Pick $FCX was downgraded this morning. I bought calls for earnings $FCX BTO 2/2 19 calls @ .88. I seem to remember that $CMG was upgraded on Friday last week and went down 13 points yesterday.
  • indigo1948: @champ $ATI $FCX #Top-Pick - followed you on $ATI - like it long term
  • champ: @Geewhiz $ATI $FCX $CMG #Top-Pick ---- Yes, investors take profits, its all part of investing. I posted yesterday on the close, that I bought a swing trade for the open on $CMG this morning and I did catch a nice $4 bounce....its true...that you have to know... "when to hold-them and when to fold" ...and many don't.
  • DragonFly: $FCX added to my position. Full position now.
  • Wolf: @DragonFly $FCX They report earnings 1/25 before the bell.
  • DragonFly: @Wolf $FCX woooo should have checked that before pulling the trigger. Long term hold but I am trading around it (will trade around it) so fat it's just gone straight up since I bought in. Lucky me, I have room for it to jiggle
  • issues: Wondering what to do with my $EDU? Missed earnings.14 to.27 a 43% miss. I've had it a long time but maybe its time to dump it. I know it's broken but soon as I sell someone will write about what a great buy it is. Thoughts? Earnings scheduled for $LRCX $VRTX $WDC $URI $UTX on $Wednesday. Thursday it's $ABMD $CELG $PYPL $CAT $UNP $FCX
  • optionswealth: @issues $EDU $LRCX $VRTX $WDC $URI $UTX $Wednesday $ABMD $CELG $PYPL $CAT $UNP $FCX If you're truly done with it, sell calls close to the price it is, say Feb 90's and let it get called away, if it doesn't and it continues toward the 200 day, do it again. Feb calls are 24 days to expiration and if it falls faster than you expect, you can roll them down for additional premium while trying to get called away.
  • ab3250: $XME $X $TECK $FCX - metals perking up
  • Bridget: #Notes: $SPY $QQQ - another new high, but VXX did not hit a new low $XRT - retail still doing well $NKE $SKX $LULU $HD $DECK $TSCO $XLP hitting new high. $KO $PEP both climbing higher $PM $MO $BTI - also making a strong move higher $FCX - hit a new high today after sideways consolidation $IP - day 2 of this move higher, all time high $MTCH - in a squeeze but saw some good intraday volume $CTRL - phase 2 pullback to $32, good entry $MCD - making an earnings run $AGN - coming out of a base
  • champ: @woodman $ATI $TECK ---- Thanks, for the Heads-up...Yes, and has great potential and is going much higher....however, on $CLF... I have also been posting and the sector for around 50 days now. I'm also holding these positions in the sector....$X $AA $CENX $AKS $FCX $SID...take a look at $SID because they just raised their prices and $AKS, also raised their prices.. 2 times in the last 23 days.. and I have posts on all. Check-out my post on $CENX....when you have time.
  • bsafriet: $FCX @Robert1965 Are you adding today or are you cautiously watching?
  • tigerjohn8: @bsafriet $FCX sorry, not @Robert1965, but half my $FCX got stopped out yesterday. I'm just watching to see where it goes from here. Was up 20% so can't complain
  • bsafriet: @tigerjohn8 $FCX Thanks for the response. I sold long stock position yesterday as well as my near term calls. Still holding leap calls, and would like to add, but I'm cautiously watching for now as well. Best wishes!
  • DragonFly: $X, $FCX - giving a chance to add. Love it
  • bRobert: @DragonFly $X $FCX Who doesn't love a sale?
  • DrScience: @bRobert $X $FCX First day of a three-day sale. Waiting for the huge price cuts on the final day before adding. Of course, buy stops in place just in case they run out of merchandise before the sale ends. :-0
  • DrScience: $FCX profit-taking on above average volume, pushing toward the 19-level.
  • Thebigshort: @DrScience $FCX Thanks. I just saw your post. Bought 5 puts 19 strike weekly for .25 cents. Target 18 20dma. It looks like water coming out of a faucet. As dan would say. It went up 40 percent in a month.
  • Thebigshort: @Bridget $SCHW $RF $FAS $BK $TLT $IWM $XLV $XBI $HON $MNST $DWDP $YUMC $IMMU $GILD $WTW $ILMN $CORT $BSX $HOG $LNG $DAL $ALK $HA $LUV $SAVE #Notes $fcx Do you think that it is doing phase 3
  • Robert1965: $FCX took a dump today, still in should have raised my stop when it broke 19.27
  • Thebigshort: @Robert1965 $FCX I think it is going much lower. Looks like water coming out of a faucet. On the daily chart
  • champ: @Robert1965 $FCX ---- You never know, however...I had a stop take me out of 1/2. These held in, for now..... $TECK $CENX $ATI $SID $CLF.
  • geotheo: @RAMO $FCX HOD = High of Day.
  • ab3250: $FCX - struggling at 19.85
  • bRobert: @ab3250 $FCX The pause that refreshes. After this huge move Flag/sideays action is very bullish. Long term holders will be rewarded
  • Rasta: @Danzguy $GE I find that the best investment strategy for me is to buy and hold. I'm not nimble enough to be in and out as other do on SMM. When there's an opportunity to be a great company at low risk price this works for me. I can buy and just hold it for 3-5 yrs checking every so often. This company was recommended by Frank Curzio on his free Wall Street Unpluggged podcast a few weeks ago. I've made 2 purchases since and have my cost basis down to $18.2. Value stocks seems to be working this year. Also in $FCX and adding on every 15% price increase.
  • RAMO: @GOOSE $FCX what is HOD?
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Stock Price $USD 11.96
Change 3.64%
Volume 23,674,800

Freeport-McMoRan Inc, formerly Freeport-McMoRan Copper & Gold, deals in the mining of copper, gold and molybdenum.

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