THE WEEK: COMMODITY STOCKS
The headline: Freeport-McMoRan (FCX) Sheds 11%, While Alcoa (AA) Tumbles 4%
Commodities Stocks This Week
Aloca (AA) -4.0%
Nucor (NUE) -5.2%
Newmont Mining (NEM) -4.8%
Freeport-McMoRan (FCX) -11%
Guy Adami says traders were selling first and asking questions later in this sector. He adds they were selling names they should have held.
Karen Finerman says there’s fear the economy is slowing and the commodity names are very sensitive to that kind of news. She adds the activity could be a referendum on the overall economy.
Pete Najarian adds that the Materials SPDR (XLB) was murdered and options volume suggests to him that traders are looking for more downside.