So FCX has long been considered one, if not the best way to play copper, from an equity standpoint. This week’s edition of “Barron’s” has a main story on the stock and is recommending it. While I don’t disagree that copper, in the long run is going higher, and FCX should benefit significantly, it is extended and has a few gaps that are likely to be filled before going much higher. It will be interesting to see if the positives have already been discounted for now, or is there another gap higher when the markets resume trading on Tuesday. Either way I look for FCX to fill the gaps at 38 and 36 before I would look to get long. There is another, very small gap at 34.50 that may not need to get filled, but given FCX’s tendency to go to both upside and downside extremes when it moves, it wouldn’t surprise me if that one gets filled as well. (This isn’t investment advice, just my opinion.)