BHP is following our script nicely, having dropped another $20 or so since our last blog when it was still around $80. It has announced major cutbacks on its capital outlays which were expected to be about $80 bln. for the next 5 years. To assuage any concerns investors might have it reassured the world that it still loves coal and copper, presumable just a little less. In any event this stock should fall to about $55, perhaps a lot further.