Phelps Dodge Makes New Highs

Phelps Dodge (PD), a large copper producer, is on a very steep price upside. PD continues to make new highs as the demand for copper remains firm and copper prices make all-time highs. But often a steep price move indicates that a top may be near.

BHP Billiton (BHP) and Rio Tinto (RTP), competitors of Phelps Dodge, are slightly off of all-time highs and may be making double tops. And Inco (N), the large nickel producer, is off its all-time high.

Be careful if you intend to buy this stock.