Wednesday, June 30, 2010

Blunder Referee Jorge Larrionda Axed From the World Cup

I am leaving on a jet plane
Don't know when I'll be back again
Oh babe I hate to go

Courtesy of

Tuesday, June 29, 2010

Dow - Sorry, it is wave C of major wave II

Dow has just closed with 268 points down (-2.6%) at 9870. It remains above its wave A of 9816. But Nasdaq and S&P have closed below their respective wave A.

Nasdaq sank 85 points (-3.8%) to close at 2135, which is 23 points below its wave A.

And S%P gave up 33 points (-3.1%) to close at 1041, that is 9 points below its wave A. 9 points lower may be marginal but I prefer to take it as an indication that we are already in wave C of the major wave II. Similarly for Dow, it is half way through its wave C and I am looking at 9300 as the end of its wave C of its major wave II, another 670 points to go.

Paul Krugman Throws in Towel

Courtesy of Business Insider

Dow sank 220 points (2.2%) after 90 minutes on Tuesday morning. First we have Robert Prechter talking about the starting of Phase 2 bear cycle and the whole bear cycle would last until 2016. And now we have Paul Krugman was talking about another Depression for US. We also have George Soros talking about the disintegration of Euro and more problems in Europe. It appears that the bear believer is having the upper hand at the moment.

Sunday, June 27, 2010

Robert Prechter - Deadly Bear Cycle Phase II Has Begun

If you are interested to know what is Robert Prechter's view on the market, go to The Market Oracle get yourself registered as member of EWI club and get a free copy of the forecast.

Modification to Robert Prechter's base chart

It is interesting to look at the Constant Dollar Dow chart since 1920 that was developed by Robert Prechter as shown above. I have added in (in red) the head and shoulders as mentioned in his article and the October 2007 line showing the October 2007's peak in Dow (current dollar) that did not correspond to Dow (constant dollar) chart. In constant dollar term, the peak was on July 1999. Robert Prechter is fairly confident that the Phase II of the bear market has started. Dow will complete its head and shoulders formation and it will continue to move lower for another 6 years until 2016.

My short-term reading on Dow remained the same, I am expecting Dow to have another up within a week or two to complete the wave b of II before it drops to around 9300 to complete the II.

According to Robert Prechter's view, from now until 2016, Dow will move all the way down to reach the minimum target of 3000 of the head and shoulders. The only questionable count is the wave 3 and 4 as shown above and the short major wave II.

To allow for Robert Prechter's bearish scenario, I would prefer to have the wave count as shown above.

A bullish school of thought would prefer to take the March 2009's bottom as the end of the 2007/2009 bear and the current correction as the major wave II pullback to be followed by a major wave III bull run. But with the current debts crisis in Europe and George Soros's view that Euro could easily tumble to below US$0.80 and even risked 'disintegration' as a currency, there is a big question mark to this bullish view.

Friday, June 25, 2010

Sports Gaming

Vincent Tan of Berjaya Group has many faithful friends that have openly supported his proposed football betting.

MCA : It is alright

MIC : No objection

Mahathir : can thwart illegal sport betting

Rais Yatim : Let the Chinese Gamble

Najib : Sorry lah Vincent, no licence.

MCA, MIC, Mahathir, Rais Yatim : Aiyah, why didn't you say earlier.

Thursday, June 24, 2010

Works Minister on why the cost has doubled

So, the Rm 400 million direct negotiated contract was awarded by the Government, and was accepted by the contractor after a long process of negotiation between a team of Engineers, Quantity Surveyors, Financial Officers and the Contractor without anyone of them realized that the contract figure that the whole group of professionals have been discussing for months was based on 1986 construction cost. And now everybody agreed that the cost should be Rm 812 million after the project is half-way through.

Wednesday, June 23, 2010

Dow - At wave 2 of major wave B

Another Pancake from Paddington

Chances is high that Dow is at wave 2 of major wave B. Another week or so will finish B


Mitrajaya moved up with higher volume today. Has its wave (V) started ? Is this the last surge for Mitrajaya? If (V) has started, it will start to set new high with a short-term minimum target at Rm 1.50 to complete its double bottoms formation.

Tuesday, June 22, 2010

Dow - Last journey for B

If you love Pancake, go to Paddington, the house of pancakes

Dow is currently at around 10450 level. I am looking at around 10700 level for wave B, another 250 points to go. There is a potential 'head and shoulders' formation for Dow.

British FTSE is heading for the same formation.

Hong Kong market is influenced by both the New York and Shanghai market. The resultant chart pattern is quite different from Dow. It appears to me that Hang Seng is at sub-wave D of major wave (IV) at the moment.

Shanghai is at its last journey of wave C.

Singapore STI's wave form is quite similar to that of Dow.

Saturday, June 19, 2010

I Am Puzzled

Ji Yun Nam who scored a goal against Brazil, earns only US$2.50 a month playing professional football in North Korea.

Looking at the results, I am really puzzled. Are there manipulations by the football bookies or is it because the big names are too highly paid, too famous, too rich, too comfortable and have nothing to look for in South Africa.

a bunny cookie

a cow butter cake

So nice, how to eat them!!!

Wednesday, June 16, 2010

Brazil 2 - 1 North Korea

This is a match malaysian footballers must watch. After the first half, during the second half, before Maicon of Brazil scored that fantastic goal from an impossible angle on the 55th minute, I was thinking of a possible upset of the world No. 1 by the North Korean that ranked 105 in the world.
Before the game I thought the Korean would pack 10 players infront of their goal mouth for a boring draw. I was terribly wrong, the Korean put up a heroic display of attacking football that brought the game to live.
In the 1970's, Malaysian football was on par with the Korean. In fact our football team had beaten the Korean and qualified for the 1972 Olympic in Munich, once and only once. One or two years ago, when our reporters asked a Korean football coach what was wrong with the Malaysian football, his reply was very courteous,"Your standard did not drop but others have improved greatly".

Tuesday, June 15, 2010

Watching World Cup is anti-Islamic

Dow closed Tuesday with 213 points up. Sub-wave i of B is about there.

World Cup 2010

Asian Teams are doing well

Monday, June 14, 2010

Dr. Mahathir on Malay Unity and Football betting

On Football Betting License

" It is 'Haram' (forbidden) only to the Malays but not to the Chinese"
" Football betting should be legalized to combat illegal betting"

He remains faithful to his old Chinese friend.

Sunday, June 13, 2010

Dow - Two Possible Long-term Scenarios

Dow put on another 38 points on Friday. Based on closing price line-chart, Dow is slightly out of the down trend channel. Next target is to break its previous high of 10255.

Watch out for a head and shoulders formation as shown above.

At this moment I am looking at two possible long-term scenarios depending on whether the European debts problem and the stability of Euro can be contained and resolved. If the European crisis deteriorate further with no solution in sight, Dow may go for the much talk about double dips.

However if the crisis can be resolved, March 2009's low is the end of the 2007/2008 bear.

2010 World Cup

England 1 - 1 USA

4th minute goal from Gerrard put England ahead

Robert Green's error on the 40th minute gave USA a 1-1 draw

With Slovenia beating Algeria 1-0, England's journey in South Africa doesn't look good at the moment with the way they play against USA.