The major indexes are enjoying another decent up day so far, with the Dow up about 70 points while the Nasdaq is higher by about 14 points.
This message, though, concerns Freeport-McMoRan (FCX), which is under pressure today as the company continues to battle with Indonesian authorities regarding its big mine in that country. The stock has been slipping in recent days, and today it’s down a few percent on heavy volume and has fallen back below our buy price.
Because of that, we now advise selling Freeport-McMoRan realizing a small loss.
This sale will leave us with seven stocks out of a possible 10 in the Model Portfolio. We’ll be looking to do some new buying on another Special Bulletin tonight or via our regularly scheduled update tomorrow evening.
There are no other changes in the Model Portfolio, where many names are acting well. All seven stocks are now rated BUY—they are Charles Schwab, Facebook, Lumentum, Netflix, ProShares Ultra S&P 500 Fund, Shopify and XPO Logistics.