BHP is now well and truly the “Big Australian” as it used to be referred to back on the old trading floor days when the chalkies used to affectionately call it the “Hills” – following the consolidation of its dual listing BHP now represents around 10% of the ASX200. For fund managers who are benchmarked to the index calling BHP correctly month to month will have a significant impact on their performance – not always an easy job when its currently swinging around 10% week to week.
Yesterday saw BHP soar over +4% on positive China news as it bounced from the $40 area for a 2nd time, we’re never afraid of a challenge at MM, so here goes: we can see BHP trading between $38 and $48 into Christmas, we may tweak our position up & down accordingly but this remains a quality company we want to own.
MM likes BHP into weakness below $40
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