Sell Alert: August 22, 2013

Marcus Haber | August 22, 2013

Sell Alert: August 22, 2013

Trade Details

Sell Freeport-McMoRan (FCX) September $29 Calls for $2.52 or better

Why?

FCX gave us a little bit of a scare with the drop yesterday. Fortunately, it’s right back up above the 200-day moving average as of this writing. The stock seems to be running into heavy resistance at the $32 level. And, it’s starting to look questionable whether the share price can breach the resistance by September expiration.

Let’s go ahead and take our profits off the table. We’re looking at 131% gains on the trade. Nothing wrong with that!