this is the bottom

am gonna stretch my neck out, i believe this is the bottom.

might float around this price for a few sessions, but i believe sincerely that today seen the bottom.

i'll briefly outline my reasons which i have pondered ...

1. its PE is now quite low compared with the industry and the ASX. particularly for a growing industry and BHP is still growing.

2. It has come a long long way from its highs of 32, yet its profit from when it hit the price is even higher now than then.

3. the volume we have seen in the past few trading days has been huge. i took particular note of the buying action this morning in the 24.05-24.20 range, there was relentless buying. the depth on both sides was relatively shallow, but there was huge amounts of off screen on market buying. Whilst there was a good supply coming on to the sell side, it was easily and relentlessly absorbed by on market buys.

4. The report due out in a month, i'm of the opinion the price will be re-rated BEFORE the report comes out. may actually see a sell off the day of the report being released though.

5. possibly the strongest argument - check out the chart, it has VERY strong support at $24, one can draw a line horizonally along the $24 mark on the chart for the past yr and it has consistently bounced off of this (today was no different). I don't see this time being any different, especially given its improved profit from previous yrs meaning this price level represents a much lower PE than previously.

any suggestion this is going to $23 is simply foolish, you'd be a fool and a tool take that kind of notion seriously in my opinion. If it was going to do that, it really should have seriously tanked well below $24 due to the huge drop in london overnight but it simply did not. i expected an open around 23.70, but it was well above that level.

i'd buy more, but i don't have sufficient cash, so will hold. I've not much doubt we'll see this stock up in the $28-$30 range in the coming months.

now, i'm waiting for all the bears to come and nick pick to peices my post