You may be looking at BHP’s lofty share price which closed at 56.39 - up $1.67 from yesterday - and wonder, "Did I miss the boat?" I don't think so. There’s still plenty of time left to invest in quality mining companies. BHP is the biggest.
No, BHP hasn't got back yet to the $59.25 it was just two months ago on 2 March. Yes, I sold a small lot for a small profit too early today. But there's still plenty left. According to the Lion Clock, we're at 7 o’clock.
In case you're too short-sighted to read the clock, here's a close-up:
In case you were too short-sighted to buy into mining, don't worry! The lion has woken up, but there's still plenty of time left before he roars.
P.S. It's early next morning, half past five, at "Riverbend", or half past three in the afternoon in New York, where BHP is trading 6.27% up at US$84.21, or AUS$116.32 at the exchange rate of 0.7239. Since one BHP American Depositary Receipt (ADR) is equal to two shares in Australia, this translates to AUS$58.16 for one Australian share, up $1.77 on yesterday's Sydney closing price of $56.39. Will the fun continue in Sydney this morning? I won't know as we're off to the pool where I will float in the warm water in blissful ignorance until close to lunchtime.
P.P.S. "Blissful ignorance" just doesn't cut it as far as the share market is concerned: while I was floating in the warm water, BHP shot right past New York's closing price to $58.71, after which it declined and flatlined around $58.25 for the rest of the day, before closing in a final sprint at $58.52. I had placed orders to sell two sizeable parcels at $58.70 and $58.50 and taken my afternoon nap. When I woke up again in time for the evening news, the $58.50 order had been executed at $58.52. I am now waiting for BHP to DECLINE tomorrow, so I can buy back in again.
Commentary: "The ASX 200 surged as oil tumbled nearly 8% overnight on reports the US had presented Iran with a one-page framework that could lead to the gradual reopening of the Strait of Hormuz, unleashing a powerful rotation back into gold stocks, base metals, and the big miners. Energy stocks bore the brunt of the reversal, giving up much of what they had gained across the prior ten weeks of crisis."
