It appeared to me that the Spring 2011 run up to 40 bucks was driven by speculation about DOW's expected performance in an expanding economy rather than any fundamentals of the company itself. At current PE and DIV I would not be surprised to a similar or even better run IF the economy is perceived to improve in 2012, even in the absence of any particular good news from DOW.
Is your message based simply on a judgment against Kuwait for a couple of billion? I'm not sure it's going to be that simple...but I hope your right. I'm in DOW with a thousand shares only. Would love to see forty soon.