This Stock Is Ready to Bounce Back

Hi Shoppers,

 

Look at the stock chart below.

 

It has gotten pounded recently, especially this week.

 

 

The stock is Freeport McMoRan (Ticker: FCX).

 

Now, I think the stock is ready to bounce from this big selloff. It dropped from $39.20 on Aug. 11, closing at $32.80 on Friday.

 

I see a hammer candle on Thursday followed by confirmation of a move higher on Friday.

 

I like buying the Aug. 27 33-strike calls, paying up to $.69.

 

 

Trade Review: Two out of Three Ain’t Bad

 

      • I closed my Wells Fargo (Ticker: WFC) Aug. 20 49.50-strike puts for 123% profit.
      • My Bank of America (Ticker: BAC)  Aug. 20 41-strike puts, I closed up 50%.
      • My Twitter (Ticker: TWTR) calls — not so much. I let them get away from me for a loss. Remember: ALWAYS STICK TO YOUR TRADING PLAN!

 

Thanks for Reading … See You Next Tuesday!

Licia Leslie

Licia Leslie

Licia Leslie

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About the Author

Licia Leslie

Licia Leslie

Former CBOE floor trader and CIO at Karman Line Capital. Author of ‘The Option Traders Hedge Fund’ with over 30 years of options trading experience.

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