Commodity Stocks Face Early Pressure

The leading commodity stocks are coming under some early selling pressure this morning. Traders must understand that it is the commodity stocks that have lead the recent declines in the markets. Leading commodity stocks such as Freeport McMoRan Copper & Gold Inc (NYSE:FCX), Cliffs Natural Resources Inc (NYSE:CLF), and BHP Billiton Ltd (NYSE:BHP) should all remain weak if the U.S. Dollar Index can gain some strength and trade higher throughout the trading day.

Traders can watch for some short term intra-day on FCX stock around the $33.00, and $31.00 levels. This stock is considered the leading commodity stock in the market and also a stock market barometer for copper. When FCX declines it is usually telling us that all commodities will likely come under pressure. Copper is considered a leading indicator for the overall markets making Freeport McMoRan stock a very important equity to follow.

About Nicholas Santiago 576 Articles

Affiliation: InTheMoneyStocks.com

Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

Visit: InTheMoneyStocks

Be the first to comment

Leave a Reply

Your email address will not be published.


*