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FCX: A Bravo Performance Looking For an Encore

By John Hughes and Scott Maragioglio

 About this article:
 It may not seem like the time to be looking for long ideas, but it's also not the time to be looking for new shorts either. There comes a time during any decline where the risk of a rally becomes equal to or greater than the risk of further decline. That can be from a percentage standpoint or a time standpoint. We believe we are reaching one such pivot point or are already in the middle of the transition. Last week, our internal indicators reached oversold levels for the first time since an overbought reading on Jan. 6. This simply means there has been a lot of selling to occur already and while the momentum remains to the downside, it wouldn't take much to get a rally underway. While not much has escaped the recent weakness, certain stocks have been more resilient and showing good relative strength....

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