Two Bright Spots in a Cold Market

Working our way through the afternoon, stocks are simply searching for direction after an opening gap down, snapback rally, and now a drip back lower. 

Two bright spots to note, however, would be the action in major copper Freeport, and the regional banks. 

On the first daily chart, below, FCX is green for the second day in a row after missing earnings yesterday. The stock had every chance to dive again, but instead of rallying off bad news against the backdrop of a cold market. Moreover, as the chart indicates, Freeport may be putting in a larger bottom after a topping out in early-2011. Indeed, shorts here may be late to the party and betting in outright armageddon in order to presume a fresh move lower. 

Either way, using $10 as a dividing line for FCX makes sense for longs and shorts alike, meaning the bottoming thesis remains intact with the stock holding above there. 

Regarding regionals, the second daily chart is of KRE, the sector ETF. The strength today is self-evident. And I will delve into specific ideas for Members in my usual Midday Video.