Home > Financial Ponzi, investing, stock charts, Stock Market, technical analysis > FCX flirting with waterfall again?

FCX flirting with waterfall again?

Today should garners some fear on Wall Street.  I have saying a number folks use the phrase “the Fed losing control”, and I have to agree with that assessment.  We have seen a tightly correlated rise in Treasuries, corporate bonds, stocks, basically everything.  What we’re seeing today is a correlated sell-off in everything.  Treasuring, corporate bonds, stocks, precious metals, commodities… everything is being sold. In short, it was a liquidity-based rally, and now that liquidity is drying up as the market anticipates a slower Fed flow.  At least that’s how I see it.

There are breakdowns all over the place today.  The bond market is getting slaughtered, from high grade to low.  Stocks too.  One of the uglier charts around is the massive Head-and-Shoulders that FCX has formed over the last 4 years.  FCX is flirting with following through on last month’s break of its neckline.  This chart could set up for a fall to the mid-teens.

2013-06-20-FCX_CHARTS

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