Profit Alert (FCX) for 6/11/2020

2:30pm (EST)

I have another triple-digit Profit Alert despite the selloff in shares of FCX today.

Profit Alert!

Freeport McMoRan (FCX, $10.02, down $1.45)

FCX June 10 calls (FCX200619C00010000, $0.50, down $1.00)

Entry Price: $0.40 (5/19/2020)

Exit Target: $1.60 (closed half at $1.20 on 6/5/2020)

Return: 113%

Stop Target: $1.20 (Stop Limit)

Action: Close the other half of the trade at current levels.

The Stop Limit at $1.20 failed to trigger today with the high on the calls at 96 cents. Since we closed half at $1.20, the average closing price is at 85 cents. 

While disappointed in today’s action, we can keep FCX on our Watch List for s possible reentry point.