I have closed my positions over the last couple of weeks for 100%+ returns on both these names. I have been in FCX since $5 and X since $9. If you go back far enough in my ideas you can see that I posted about this way back when. If you look at these for the last 10 years they are in a major downtrend. I think they are both putting in reversal patterns and will not see these high levels for yearsssss to come.
These ran up because people think inflation is occurring so, they piled into this. But, I don't see the demand. I am no longer long, it had a good run but, this is a short in my books.
These ran up because people think inflation is occurring so, they piled into this. But, I don't see the demand. I am no longer long, it had a good run but, this is a short in my books.
Comment:
To clarify if fcx drops out of the channel, that would be a major reversal.
