Friday, August 26, 2011

Steve Jobs Has Stepped Down As CEO Of Apple, Inc

Dear fellow traders,

*** RIP, Mr Steve Jobs ***



Performed on Ipad using MorphWiz along with the Korg Kronos.

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On 25 Aug 2011, Mr Steve Jobs announced his resignation as Co-Founder & CEO of Apple, Inc. - now the most richest company in the US which currently has more money than the U.S. government.

He will remain with the company as chairman. Tim Cook is promoted from chief operating officer to chief executive officer.



Yours Truly,

Tony Chai

Monday, August 08, 2011

Dow plunges points, touted as the 6th-biggest point loss

Dear fellow traders,

On Monday, 8 Aug 2011, the Dow Jones industrials plunged 634 points (more than 5%) to10,809.85 amidst it's recent debt ratings downgrade by S&P Ratings Agency and the escalating European debt turmoils, now threatening even Italy & Spain. The Asia markets were not spared. Earlier on, the Korea stock market fell 4% while the Japanese market lost 2%. In Europe, Germany's shares market lost 5% and France suffered a 4% drop respectively.

On Monday, the S&P also downgraded the credit ratings of Fannie Mae, Freddie Mac and other government agencies that depend on the creditworthiness of the US federal government.

The S&P 500 fell 79.92 points (6.7%) to 1,119.46 while the technology-laden Nasdaq composite index fell 174.72 points (6.9%) to 2,357.69.

Investors sought refuge in Gold, which has topped US$1,713.20 per ounce. Crude oil, natural gas and other commodities fell sharply on worries that a weaker global economy will mean less demand. Oil fell 6.4% to US$81.31 per barrel, its lowest price for 2011.

Yours Truly,

Tony Chai

Dow plunges 500 points on 4 Aug 2011

Dear fellow traders,

The credit rating agency Standard & Poor has lowered U.S. long-term debt rating one notch from AAA to AA+ on 5 Aug, 2011. But S&P has been pointed out of a $2 trillion error in its estimate of the size of the deficits over the next decade. It was said that the agency made a fundamental error in interpreting the budget projections of the Congressional Budget Office.

The plan that the Congress had passed on the 11th hour to raise the debt ceiling on Tuesday, 2 Aug 2011 could achieve between $2.1 trillion and $2.4 trillion in deficit cuts. But the S&P had warned for months of a possible downgrade and said that a credible plan would need to achieve $4 trillion in deficit reduction.

The Dow has already plunged more than 500 points on 4 Aug, 2011 amid fears of USA economic slowdown and Europe's debt crisis. European officials are trying to help Italy, the world's eighth-largest economy, to avert the kind of bailouts that Greece, Portugal and Spain were forced to accept to prevent them from defaulting on their debt.




Yours Truly,

Tony Chai