Beantown Trader

A quick update on my position: I closed out all my FCX position with in the call options, but left 20 shares on the table. I profited about $300 for the overall trade but really did not want to get out of the stock. I had sold calls that expired on Friday and rather buying them back for a small gain I left them out and during the final hour the stock finally started pulling up. FCX has been creating a bottom the past week and even on Friday the barely +1% gain was very weak compare to other commodity stocks.

The performance of FCX for the past week leads me to believe we are actually in for some more downside in the near future. I hope I am wrong but as I screen through several hundred stocks today I have noticed that a lot of them are near overbought rating.

I am too tempted to get into the market again come Monday, but I have to hold my ground and see what unfolds. With Greek elections over the weekend, Monday can't come any sooner. I have no strong picks to go long other than ABX. ABX has been lagging a lot in relation to gold mining stocks. The overall gold miners seem be hitting near overbought hence even now I am hesitant to go long. If come Monday the market shoots up from positive news I will search for shorts but if the market cracks I will wait and see.