Chart.ly Chart of the Day 9/1/09 Freeport McMoran $FCX

  • Posted by
  • on September 1st, 2009
ldrogen

Today’s Chart.ly Chart of the Day is brought to you by @traderstewie who takes a look at copper and gold miner Freeport McMoran ($FCX).  The correlation between Freeport and copper is quite tight, as its gold mining operation represents only a fraction of revenue.  Copper itself has been very correlated as of late to the Chinese markets.  A break of the lower trend line drawn here could lead to more selling.  Take note of the MACD divergence as well.

Also, look for the direct to Chart.ly feature on the newly released StockTwits Desktop, pretty sweet.

ldrogen

Leigh Drogen is the founder and chief investment officer of Surfview Capital, LLC, a New York based asset management firm. Leigh specializes in momentum and long/short strategies across several different asset classes. Using technical analysis supported by macro economic and fundamental factors, Leigh takes advantage of high probability movements on the swing trading time frame. Prior to founding Surfview Capital, Leigh served as an analyst and trader for Geller Capital Management, a White Plains, NY based asset management firm. His educational background includes focus in economics and international relations, specifically war theory. Along with publishing his own blog, Leigh heads up the development of the Chart.ly platform at StockTwits. Outside of the markets, Leigh continues to play competitive ice hockey and is a dedicated New York Rangers fan. You can follow him on his blog LeighDrogen.com.


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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