(Click on charts to enlarge them, then click on them again for further enlargement. Use left arrow on your browser to return to the narrative).
Since re-establishing, at the release of earnings, that they own the neckline of the Inverse H&S neckline, near 53.00, The Bulls not only went up and filled the 55.06-55.44 gap, which was their next order of business, they tacked on some extra yardage yesterday by taking out, and closing above, the gap-filling high of 55.79.
It's all good in this price area, back and filling, while working off the "overhang of sellers" that we've discussed.
The breakout of this Bull Flag, and subsequent "screamer" to the upside was quite nice. If The Bulls had taken more of a rest after rallying so nicely off the 49.71 low, it would have been understandable, but that "screamer" suggested that the early morning selloff was enough of a rest, and that the morning high of 55.21 had a very good chance of getting taken out to the upside. I got long again just before the breakout. I sold shortly after that, planning to jockey for position on a selloff to the low 55's, but FCX held up for the remainder of the session, which was fine.
Gain on the session: $1,050
Gain on the 23 FCX trades since March 23: $17,375
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