Jerry Favors

Do you remember Jerry Favors, the African American technician who often came on CNBC on Fridays back in late 90's? He is an export on Elliot Wave and Gann's theory, which I first heard of from him and till today I still know so little. During the horrible days of bursting bubble, everyone looked to him on Fridays hoping for a bullish prediction and searching for a possible bottom. He was like a guiding light. But after year 2000, he seemed disappeared from the television, also slowly from my memory. I did not know why CNBC no longer invited him, he might be a figure welcomed in a bear market.

Anyway, yesterday I googled his name and found out he has passed away in 06. I am sad not only we lost an excellent technician, but also lost a memory.

This is his page.

Michael is gone!

I could not believe what I had seen on the top of page of Yahoo yesterday morning. Michael has gone at age 50! This is sad. I don't care about his sex scandals, I don't care about his cosmetic surgeries, I do care about his music, which brought me the sweet memory of my youth. I grew up with his music and his movie-alike MTV, I was a kid carrying a Walkman all day, I was a kid raised under Rock & Roll invasion. I could watch his "Billy Jeans" video several times a day without getting tired of it. I collect the music videos from Michael Jackson to Madonna, from Bon Jovi to Aerosmith. You will not understand how precious they were in China where was still not that open to the outside cultures back in late 80's. Michael Jackson and his videos opened the first door to the Western world. Now he disappears from this world forever that reminds me how old I am and how fragile we are. People can be gone just like that. Treat yourself better, treat your friends and family better. They are the meaning of you being alive. Love you, Michael, love you forever! Your music lives on!

This is a big news for any financial bloggers!!!

Tim Knight is going to partner with Abby Joseph Cohen, the godess from Goldman Sachs, to form a hedge fund!!!!

Oops, it is April fool's day. He totally got me!

Hero of the day: Doug Kass?!

I have been closely following Doug Kass, a Street.com commentator who is red hot today for his gutty rally call. Jim Cramer is kissing his ass all day, and other small potatoes at Realmoney follow. But the truth is, Doug Kass called a rally on Feb 17Th, 10 days ago and 10% above the current price. He used the phrase "longest I have been in almost three years". Since then, he has been saying "having been net short for several years - I am now all in long" at Twitter. On Feb 27Th, he said "s and p futures hitting sell stop levels now ", a follower asked if he referred the general market or his own position, he did not answer. He disappeared for several more days until his prediction finally becomes correct today.

After 10 down days, 1 up day is normal; after 180 pts dive, a 33 pts bounce is expected. Why suddenly he is the hero? He would be a hero if the market gains back where it stood on Feb 17Th, he would be even a bigger hero if the market keeps rally afterwards. But certainly not right now, 1st correctness after 10 consecutive wrongness. It shows how pathetic and ignorance the financial professionals are at Thestreet.com. Bash them, I say!

I am just so pissed

I have to spit it out. I have taken this for too long. What do I talk about? I am talking about the irresponsibility of our so called financial professionals. Jim Cramer, Warren Buffet, Doug Kass, the list goes on. They act like knowledgeable people, calling buy this buy that on TV, on radio, on Internet. But they never tell you what and how to do if their predictions are wrong. Nobody can be 100% correct in the market. If they are responsible, they should have told you what the stop is, or what the next step is to save the position. They never did. They give you a start, but not ending. A 10 year old child can do that is OK, not professionals with thousands of followers.

Against the new proposed tax!!!!

A proposed tax is making the rounds in Congress. A financial-transactions tax on the sale or transfer of financial assets - 0.25 percent of proceeds and purchases - is a disaster to traders, even if you sell it at a loss. A 0.25 percent financial-transaction tax on $10 million of proceeds OR PURCHASES equals a tax of $50,000 per year. This is even if you lose money on those trades!! This tax applies to stocks, options, and futures.

Please sign this online petition:
http://www.rallycongress.com/no2tradertax/1536/
Please contact your local senators and voice your disapproval:
http://www.senate.gov/general/contact_information/senators_cfm.cfm
Please contact your local Representatives and speak your mind:
http://www.house.gov/house/MemberWWW.shtml

Stimulus package explained (I think it is funny)

If you spend that money at Wal-Mart, all the money will go to China.
If you spend it on gasoline it will go to Hugo Chavez, the Arabs and Al Queda.
If you purchase a computer it will go to Taiwan.
If you purchase fruit and vegetables it will go to Mexico, Honduras, and Guatemala (unless you buy organic).
If you buy a car it will go to Japan and Korea.
If you purchase prescription drugs it will go to India
If you purchase heroin it will go to the Taliban in Afghanistan
If you give it to a charitable cause, it will go to Nigeria

Via Investment Bloggers' Digest.

Getting rich from blogging?

Thinking about quiting your day job and making money by blogging? Think twice. Blogging is an interest, that is what I think and that is why I am not burned out.

Thanks Maoxian for the link.

Happy Chinese new year!

This year is a bull. I wish we will have a bull market. Oh well, I know it is difficult, but I do hope everybody here will have a bull performance!

I want socialism!!!!

I can't believe 13 fucking stupid people destroyed the world's financial system that could be saved today. They should be killed for their stupidity. Why need a vote???? Just pass the bill like the Chinese government!

Got a winner!

$2 million is the winning bid to lunch with Warren Buffet. I heard the winner is a Chinese hedge fund manager. Yahoo Finance now has the full story here.

Lunch with Buffet

The auction with Warren Buffet starts tonight. This is the 6th year. I did not know the winning bidder could bring up to 7 friends at the lunch. So that is $100,000 a person if calculated with last year's price. Not a bad investment. Definitely I would go if I have enough knowledge to communicate with him.

Anybody followed Jim Cramer's call on BSC?

He predicted Bear Sterns will be bought, which comes true, but the price is off, way off.

Everybody should remember it!

Wow, I love this saying. Warren Buffett once said, "It takes a lifetime to build a reputation and five minutes to ruin it." Sooooo TRUE!

Happy Chinese New Year

Wish everybody has a profitable new year!

Happy New Year

Happy new year to my fellow traders and readers, wish you guys all have a profitable new year.

That hurts

Ugly

errr.

Ugly ass

Britney Spears is getting old and her ass is getting uglier.

Now you know...

I am a metal fan. Hahaha, I can't imagine I could be a long haired stock trader:) Even though some of those bands or singers are not playing any more, I still get goose balls when I hear these songs. Maybe my ears have memories too, just like my stomach; it still loves what I often ate as a child.