Barchart Stock Chart of the Day – March 6, 2009

Yesterday we featured Southern Copper Corporation (PCU) as our Chart of the Day, noticing the improvement in base metals pricing.

That trend continues with today’s Chart of the Day, mining giant Freeport McMoran (FCX). With metal futures pretty much up across the board today, there is growing evidence that at least a temporary bottom may be in place. And that’s good news for mining companies.

We found FCX by scanning Barchart’s Signals - Top 100 Stocks and looking for stocks with significant improvements in their technical signals score. Freeport McMoran improved from a modest 8% Buy score last month to a 100% Buy today.




Barchart Opinions for FCX are:  

    Short Term Indicators Average: 100% Buy
    Medium Term Indicators Average: 100% Buy
    Long Term Indicators Average: 100% Buy
    Overall Average: 100% Buy

Barchart Trend Spotter Signal : Short since January 2, 2009.

Sector Performance: FCX is a member of the Mining - Non Ferrous sector, where it is the best performing stock out of 7 stocks in the sector. While the sector as a whole has a weighted Alpha of -73.50%, FCX itself has a weighted Alpha of -57.10% indicating that it is somewhat stronger than the sector as a whole. To learn more about weighted Alpha, visit the Barchart Learning Center.

How we spotted this chart: FCX caught our eye while scanning the Barchart Signals - Top 100 Stocks page. We displayed the full list, sorted by last month’s opinion and looked for stocks with significant improvements in scores over the last month. FCX caught our eye after the work we had done yesterday on PCU convinced us of the opportunity in mining stocks.

Recent Developments:

There have been no significant company news items for Freeport McMoran (FCX) in the last seven days.