Wednesday Update: New Buy - FCX


Buy Signal: FCX

Option: March $11 Call 

Market Update

Despite today's "Fed Day" party, both QQQ and SPY are still Short basis their most recent Sell Signals.  A "new leg down" is still the most likely outcome unfolding from these patterns and I'm keeping a close eye on the hourly charts looking for a breakdown that might signal that next leg down has begun. 


A day like today is discouraging on a number of fronts, first because the market went up against most of our positions and second, because it's all news related, this time the Fed announcement.  There are 44 days still left before March expiration, plenty of time for any of the trades below that may still be open.