Freeport McMoran (NYSE:FCX) Is Ready To Push Higher

During the last eight trading sessions Freeport McMoran (NYSE: FCX) has bounced off the 200 day MA twice. The first time FCX bounced off of its 200 day MA the market was pricing in fears of a double dip recession for the United States and for fears of foreign debt in the Eurozone.

Rumor has it that a few of the weak Eurozone countries may get bailed out by its stronger countries. If this is true, then the Euro should start to strengthen compared to the Dollar. In anticipation of this I believe FCX is starting to rise based on a bottoming in copper, as well as the Euro.

To play this trade I would look to initiate a position in FCX around $70 on any pullback with a stop loss order around the 200 day MA of $65.