New 52 Week High 2 Days in a Row: FCX

I spent almost the entire day working on a Motion for Summary Judgment for a civil lawsuit that contains nine separate causes of action and the Petition (or complaint) is so poorly written that it appears to be drafted by a moneky. If you're not familiar with a Motion for Summary Judgment (MSJs) then consider yourself lucky because they are not fun...unless you're one of those sick twisted individuals that likes that kind of stuff...I knew a few of them in law school. Needless to say I didn't trade any today, which is okay, but I did manage a position that I already had on. I've been long FCX since November 10th and this stock has been on fire the past few days. Here's an intra-day chart with some comments on today's price action: FCX sold of with the market a little this morning but then it began showing strong relative strength as it was able to get into the green before the market did. At this point, I'm just trailing stops with this trade as it's in the money and making new highs. I don't want to add to it though as this market is a little shaky to be adding on too big a posistion...something I did just before the market made its dip back in October.

It will be interesting to see how the rest of the week plays out. The first two days of trading this week look a lot like the first two days last week--a gap and rally followed by choppy consolidation. This market tends to head higher when there's not any potential bad news (i.e. anything that could cause the dollar to rise), which leads to short covering, which leads to higher prices and then the cycle repeats itself. The only problem is that it's a game of musical chairs right now because the dollar will eventually rise, (due to rising rates, risk aversion, profit taking on the carry-trade, central bank intervention the fed even hinting about the possibility of raising rates in the future, you get the idea) and being long this market is basically a game of musical chairs for now, which is why so many pros and pundits hate this rally. Gotta love it. Although it can be confusing and frustrating at times, the market is never borring.

Hope everyone is having a good week!

TLT