Steve Strazza brought up charts of the energy, materials, and commodities sectors on today’s Flow Show. These are “peer indexes,” meaning they often trend together.
And the current trends suggest we need to add more bullish positions in these areas.
The one name that stood out the most was Freeport McMoRan $FCX:
But given the run we’ve already seen here, we need to allow for the possibility of some digestion which may put a governor on the speed on any breakouts from here.
To position ourselves for this possibility, we’re going to utilize a Call Calendar spread.
Here’s the Play: [Read more…]