Wednesday evening

Russell 2000

Russell 2000 Weekly

I might have caught the "I see inverse head and shoulders everywhere" bug. I wanted to put this weekly chart up to get other opinions about it.....

Wednesday Morning

Gator's Chart of the Day: FCX

It looks like the House will pass the Senate version unchanged so while the deficit is little changed (maybe worse) the Asian markets opened well and metals like copper were strong.  With that in mind I'm looking at FCX for a trade to the long side.  The candle printed on Monday has, for all practical purposes, engulfed the last 8 sessions and is peeking into the gap above.  I think the chances of the stock filling the gap are excellent.

The Trade
I'll be looking for an entry early in the day and put my stop around 33.50 which would be just below the 20 day simple moving average.  I will want to fill the position quickly so I plan to start with a 1/3 position and add once.  If the stock clears the 200 day before it pauses I will put a partial position stop just under that level to insure some profits.