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The ugliness could just be getting started in the big mining names, Chess n Wine says in...

The ugliness could just be getting started in the big mining names, Chess n Wine says in studying Freeport McMoRan's (FCX -3.8%) chart, where "unless bulls immediately improve the stock, [there's] room to drop below major, multi-year support with not much below until the 2008 crash lows." Charts for BHP (BHP -1.3%), Caterpillar (CAT -1.3%) and Rio Tinto (RIO -1.9%) all face similar setups, the blog says.
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Comments (3)
  • MotorD1212
    , contributor
    Comments (182) | Send Message
    I don't care what any of the run and hides are saying, I bought this stock a while back and I'm standing tall with it. I don't care about the little yellow communist peoples ghost, real, intest rate, GDP or housing problems. This old dog may be taking a breather but it's getting ready to run like the wind. You have 300,000 housed destroyed or damaged by God like events it the US, 900.000 plus new starts, remods are up, car builds are still hang at or above 14 mil, it's not like the rest of the world just stopped using copper. I was down in the gulf and talked to people working on the rigs, when those large diameter deep salt water wells come in at lot of you are going to have mud on your face, and I will be laughing all the way to the bank cause this old dog is going to run to $100.00. You think the CEO just bought 31 mil of open market stock to loose money, he is seeing something that you charters are walking right past ( BLACK GOLD - TEXAS TEA ) all severed in a copper cup !
    25 Jun 2013, 08:28 AM Reply Like
  • Olderthandirt1
    , contributor
    Comment (1) | Send Message
    I like your optimism.
    25 Jun 2013, 09:10 AM Reply Like
  • TheJollyGreenMan
    , contributor
    Comments (89) | Send Message
    MotorD1212, I agree with you.


    The focus seems to be on China and the developments in India is off the radar screens. Another billion plus country industrialising as we speak, power hungry people, power stations going up at a fast rate, people getting hooked up and buying white goods. For the short term the bears may win, but for anything with an investment horizon of more than a year or so, you are correct.
    25 Jun 2013, 09:32 AM Reply Like
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