Historically
FCX
has been bearish the week of or week leading into
XLB
dividend. Shown here is its support and resistance, movement this summer, along with selloff in correlation to XLB dividend dating back to Dec 20, 2019. Materials and metals have popped this year with
GLD
taking charge earlier this summer. FCX has beat earnings expectations all year and that if that trend could continue FCX could see more upside. After a strong finish to the week, I like FCX for to make a quick turnaround going into October along with SLV and other materials, as I believe can still serve as a strong hedge as we near elections.
FCX
has been bearish the week of or week leading into
XLB
dividend. Shown here is its support and resistance, movement this summer, along with selloff in correlation to XLB dividend dating back to Dec 20, 2019. Materials and metals have popped this year with
GLD
taking charge earlier this summer. FCX has beat earnings expectations all year and that if that trend could continue FCX could see more upside. After a strong finish to the week, I like FCX for to make a quick turnaround going into October along with SLV and other materials, as I believe can still serve as a strong hedge as we near elections.