CHICAGO, April 12, 2011 /PRNewswire/ -- Zacks highlights
commentary from People and Picks Trader
"inthemoneystocks".
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Copper Stocks Look Corroded Today
All of the major copper stocks are declining sharply lower today
with most other leading commodities. The iPath Dow Jones-UBS
Copper Subindex Total Return ETN (NYSE: JJC) tracks copper and
is declining lower this afternoon by 0.82
cents to $59.01 a share. Often
traders and investors will follow copper as a leading indicator for
economic growth and expansion. The JJC made an all time high on
February 14, 2011 at $61.69 a share. Short term scalp traders can
watch for intra-day support around the $58.50 level.
Freeport McMoRan Copper & Gold Inc. (NYSE: FCX) is
the leading copper stock in the stock market. This copper mining
giant is declining lower by $1.96 to
to $55.25 a share. FCX stock tested
the $58.75 resistance level last week
and is coming under heavy selling pressure today. This stock looks
to have intra-day support around the $54.50 and $54.00
levels should it sell off throughout the rest of the afternoon.
Southern Copper Corp. (NYSE: SCCO) is another popular
copper producer that is based out Peru, and other parts of Latin America. This stock topped out on
January 3, 2011 at $50.35 a share. Since that high earlier in the
year the stock has sold off sharply and is now trading below all of
its major daily chart moving averages. This is an indication of
weakness and indicative of a solid down trend. The next intra-day
level for this stock will be around the $38.00 area.
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