Will the sentiment change from deflation to inflation?

That is the question on needs to consider to be on the right side of the markets nowadays.
Here is a stock that I would consider a bellweather of the inflation trades.  Freeport McMoran, an Australian mining company, has been in a recent downtrend. The downtrend may be broken soon and may be an indicator to the direction of world stock markets in general. I has held up surprisingly well given the European problem going on. FCX is a China play, and an inflation play in general. Stocks like this usually make a meaningful move when a trend line is broken. It may go down as well, however.
Watching:

Control risk.
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Addendum:
FCX is a copper and gold company. Here is the chart of copper. Known as Dr. Copper in the markets for it's usefulness as an indicator of economic activity. Copper is an important component in many industrial processes.....
Dr. Copper. This chart looks almost the same as FCX.....