Thursday, May 20, 2010

Freeport-McMoRan (NYSE:FCX) Plunges Over 6 Percent

Investors continue to flee the precious metals sector, and Freeport-McMoRan (NYSE:FCX) has been taking it on the chin as a result, today alone dropping by 6.01 percent, or $4.07 in the trading session.

Volume was also high for the day, reaching 28,331,709, far above the 3-month average of 15,057,400.

Freeport ended the day in New York at $63.62.

We may be getting close to the downward movement in price becoming a buying opportunity, although I would never recommend attempting to time or wait till prices reach their absolute bottom, as we can lose a lot of money that way if the price rebounds quickly, which in the cas of Freeport-McMoRan, it probably will.

If we can get in at a good price, we need to forget about the rest and take the gains we do get.

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