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Beijing Olympics Shanghai Composite

Olympics official starts, market, tax refund

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Beijing Olympics offically started just couple hours ago. Thanks to NBC pursuit of rating and advertising dollars, US auduiences won’t see live broadcast of the opening ceremony. A video playback will be shown tonight at 6:30 PM at local NBC channel (KSDK channel 5 in the case of St. Louis). It will last 4.5 hrs.

Sadly as I expected (did I sound like Dai Tou Da Ge), Shangai Composite Index dropped nearly 5% in this historical opening day. It seems neither fund managers nor retail investors (Shan Hu) are listening to president Hu’s advice, which is to have a strong and balanced stock market. Maybe those people will regret it sometime later?

On a positive note, I received my federal tax refund today. Just in time for more stock bargain hunting when CitiGroup and Merril are bailing out? My wife will not like this idea 🙂

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