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The stronger-than-expected September Payrolls data elicited a positive reaction from the Equity Indices. On top of the NVDA-induced ES vertical spike from 6680 to 6740, the index spiked to a high of 6772.75 so far, a full 2.7% above Tuesday's 5.2% corrective low from the ATH...
Freeport-McMoRan is inherently a highly cyclical beast — it’s simply the nature of this market sector. And right now, we have what appears to be a slight conundrum. That doesn’t leave us in the lurch. We have tools that provide the dynamic utility needed to navigate this environment and help guide our decision-making process. Let’s first see the terrain via Lyn Alden’s most recent commentary. Then we’ll explore what human behavioral patterns are telling us through the structure of price on the chart.“FCX has a neutral-to-bullish fundamental setup.
Note: This is intended as a public article.There was a lot of investor hand-wringing and head-scratching experienced this past week. On Wednesday night, NVDA announced its earnings. And, not only was its earnings exceptionally strong, beating Wall Street's expectations for both revenue and earnings per share, they also provided strong forward-looking guidance. At the time, the pundits claimed that this eased investor concern about a potential "AI bubble." So, Wednesday night and Thursday morning provided us with a gap higher in the stock price.
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