The S&P/ASX 200 has just posted its eighth loss in 11 sessions, closing down 40 points to 4950.
If you thought that was bad, bear a thought for BHP Billiton (ASX: BHP) shareholders. The shares lost another 1.4% to close below $33, its seventh consecutive loss, and its tenth loss in 12 sessions.
Sounds like a bit of a trend…
It was only the beginning of this month when I warned investors in BHP and Rio Tinto (ASX: RIO) might need to look out below, especially if the iron ore price crashed to anything like the US$80 a tonne predicted by Andy Xie, a former Morgan Stanley chief Asia economist.
We’re a long way from that point, but getting closer to the $30 price I’d consider topping up on my holding in the Big Australian.
Good things come to those who wait…and those who Invest Foolishly.
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