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!