The selling in mining, energy, and materials happened fast. Now that it has happened, some of these names are looking more interesting to me.
One name I like is Freeport-McMoRan (FCX) .
FCX is sitting at its 50-day moving average, kind of doing nothing Wednesday. While we could see a break lower, I have the downside potential to around $28. The potential upside, though? I think we could see FCX run back above $32 a share.
The September $30 calls cost about $1.20, I think those will pay nicely in the next few days, potentially doubling if the market gets a snap rally later in the week.
Buy to open 1 FCX Sept. 16 $30 call for $1.20.