Freeport (FCX) consolidating in a multi-week range above the 55-EMA and just below the top of December value. FCX has been in a wide base under $40 since mid-June and a breakout move has room to $47.50. FCX has seen a lot of bullish flow recently including large spreads in March selling the $32 puts and buying the $40/$50 call spread, over 13,000X. Other flows include buyers in the February $38, $39 and $45 calls, the March $45 calls, and June $47 calls.

Trade to Consider: Long the FCX February $40 Calls for $2.20 or Better