metals up oil up dow doowwwnnn, page-31

As you are aware, any big drop on the dow is usually followed by a big drop on our markets. As BHP comprises approximately 15% of the stable market, you can see that in any case, it will take a generalise hit.
Yes, oil was up, which is kind of good for BHP - but consider the worse fact that in the US, and australia - higher oil = slower spending and lower profits for all companies concerned = lower earnings = falling stock prices across the board and less consumer expenditure.

I would think that the actual rise or fall in BHP is not governed by the prices in the US and UK when there are such large days down in the US. Unfortunate aussies sell indiscriminately, shown by the previous drop to 31 dollars a few months ago.

As from a technical swing trading level, a fall below about 42.50 would be a disaster, and after that, any spikes higher would signal sells - until it takes out previous highs, or shows a strong higher low.

On the rule of 8's - we could easily see 42, and worse, 38 or 36 again soon.

From a positive note - if ore contracts are positive at the end of this month, this may play in part at stabilising BHP above 42 which I believe is the best case scenario in the current climate.

A few days ago I went long at 45.50, and I've been stopped out, and will wait for a lower entry to go higher, after the trade confirms.

I would think that $45 long options for august or so would probably be the better bet.

Rodster - I told you your $50 calls wouldn't be hit, but ultimately, you will make your moolies in a years time mate.

Keep playing your selling calls, to pay your interest - its a great strategy and I have no doubt that in a few years time you will be the ultimate winner...As for me - still index trading now, and using swings to match the medium term trend. The longer term trend is still currently down in my weekly view, and has the potential to take out recent lows...
I believe we may even drop below XJO 5000 in the next few weeks, but don't hold you breath if it starts to go the other way - still highly volatile, with vix increasing by about 25% overnight friday.

Simple technical measures should be obvious for all those who have read my previous posts on BHP, and I won't go into them again, as I'm sure you all have metastock available to you!