Thursday 6 October 2011

Steve Jobs: key quotes

Steve Jobs, Apple co-founder and former CEO, dies at the age of 56

Candles, flowers, and an iPhone with Steve Jobs photo displayed outside the Apple Store at West 66th Street in New York
Steve Jobs, the Apple co-founder and former CEO, has died at the age of 56
after a long and highly public battle with cancer. "Apple has lost a visionary and
creative genius and the world has lost an amazing human being," Apple said.
"Steve's brilliance, passion and energy were the source of countless innovations
that enrich and improve all of our lives."





Here are some key quotes from Steve Jobs, the legendary 
co-founder and former chief executive of Apple Inc, 
who has died aged 56 after a long battle with cancer.
Apple CEO Steve Jobs holds a new iPod shuffle MP3 player at the 2005 Macworld Expo January 11, 2005
Apple CEO Steve Jobs holds a new iPod shuffle MP3 player at the 2005 Macworld Expo January 11, 2005 Photo: Getty Images


8:00AM BST 06 Oct 2011
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"Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life. Because almost everything - all external expectations, all pride, all fear of embarrassment or failure - these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.''
"Your time is limited, so don't waste it living someone else's life. Don't be trapped by dogma - which is living with the results of other people's thinking. Don't let the noise of others' opinions drown out your own inner voice.''
"Stay hungry, stay foolish."
Commencement speech at Stanford University, 2005
"Innovation comes from people meeting up in the hallways or calling each other at 10:30 at night with a new idea, or because they realized something that shoots holes in how we've been thinking about a problem. It's ad hoc meetings of six people called by someone who thinks he has figured out the coolest new thing ever and who wants to know what other people think of his idea.''
"And it comes from saying no to 1,000 things to make sure we don't get on the wrong track or try to do too much. We're always thinking about new markets we could enter, but it's only by saying no that you can concentrate on the things that are really important.''
Interview with Business Week, 2004
"In most people's vocabularies, design means veneer. It's interior decorating. It's the fabric of the curtains and the sofa. But to me, nothing could be further from the meaning of design. Design is the fundamental soul of a man-made creation that ends up expressing itself in successive outer layers of the product or service.''
"My position coming back to Apple was that our industry was in a coma. It reminded me of Detroit in the '70s, when American cars were boats on wheels.''
Interview with Fortune Magazine, 2000
"These technologies can make life easier, can let us touch people we might not otherwise. You may have a child with a birth defect and be able to get in touch with other parents and support groups, get medical information, the latest experimental drugs. These things can profoundly influence life. I'm not downplaying that. But it's a disservice to constantly put things in this radical new light - that it's going to change everything. Things don't have to change the world to be important.''
Interview with Wired, 1996
"I don't think I've ever worked so hard on something, but working on Macintosh was the neatest experience of my life. Almost everyone who worked on it will say that. None of us wanted to release it at the end. It was as though we knew that once it was out of our hands, it wouldn't be ours anymore. When we finally presented it at the shareholders' meeting, everyone in the auditorium stood up and gave it a 5-minute ovation. What was incredible to me was that I could see the Mac team in the first few rows. It was as though none of us could believe that we'd actually finished it. Everyone started crying.''
Interview with Playboy, 1985
"You think I'm an arrogant [expletive] who thinks he's above the law, and I think you're a slime bucket who gets most of his facts wrong.''
Answering a New York Times reporter who asked about his health, 2008
"We don't get a chance to do that many things, and everyone should be really excellent. Because this is our life."
Interview with Fortune, 2008
"Design is not just what it looks like. Design is how it works."
Interview with The New York Times, 2003
"Being the richest man in the cemetery doesn't matter to me. Going to bed at night saying we've done something wonderful, that's what matters to me."
Interview with The Wall Street Journal, 1993
"You can't just ask the cutomers what they want and then try to give that to them. By the time you get it built, they'll want something new."
Interview with INC magazine, 1989

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Tesco sales slump into negative territory for first time since 1992

Tesco's sales have slumped into negative territory in Britain for the first time in 20 years, as its chief executive said customers were "struggling to make ends meet".
Tesco profits rise as overseas growth offsets sluggish UK sales
Tesco said it had been hit by subdued UK demand for electronics and entertainment products Photo: BLOOMBERG
7:37PM BST 05 Oct 2011
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Phil Clarke, who took over from Sir Terry Leahy six months ago, admitted that the company had "not been on the front foot" as he published a good set of results that were knocked by a poor performance in Britain and its stuttering move into banking.
Higher prices, especially the substantially higher cost of petrol and utility bills, have meant that many British shoppers were reluctant to drive to large out-of-town superstores.
The company said that its petrol sales had increased by £750m in the first half, compared with the same period a year ago, but nearly all of the increase was down to inflation, driven by higher prices and higher duty. "That's extraordinary," said Mr Clarke, "that's £750m that could be spent in shops or paying off credit cards."
Consumers have also noticeably cut back on non-essential household items. The company's non-food sales – an increasingly important part of its business in recent years as it has eaten into the market share of the likes of Argos and Dixons Retail – fell by 4.8pc during the first half.
Mr Clarke said consumer confidence had deteriorated in recent weeks: "I can remember bringing up a family in the late 1980s and early 1990s and it was pretty tough then when interest rates rocketed. It was bad. It feels like that. But it's different because of the global economic system – every time you open a newspaper, look at a news website, watch the television, consumers are being continually reminded that things could be more difficult next week; confidence is being harmed."
British sales excluding new store space, VAT and petrol were down 0.9pc in the three months to August 27, with sales volumes falling by an even greater amount.
This is the worst performance for 20 years. During the 1992 recession, sales volumes fell by 1pc during its first half.
Despite the sales fall, UK profits increased by 4.5pc and group profits moved up by 12.1pc to £1.88bn on total sales of £35.5bn, an increase of 8.8pc. The company has been boosted by cutting its losses in America and increased market share in Thailand and the Czech Republic.
The real disappointment came from its banking operation, which the company took full control of from RBS, its joint-venture partner. The switch to Tesco's own platforms caused serious teething problems, with customers locked out of their online accounts.
Tesco was also forced to increase its provisions for missold payment protection insurance (PPI) – a scandal that hit nearly all banks – sending trading profits at the division down 66pc to £44m.
Most analysts were happy that the solid growth in Tesco's international business more than offset its difficulties in the UK.
Jonathan Pritchard at Oriel Securities said: "The PPI and IT-based problems at the bank are irritants rather than fundamental problems and thus we do have to downgrade headline PBT numbers today, but we feel as though momentum in the food retailing side of Tesco is on the turn."
Mr Clarke said the "Big Price Drop" campaign, which started last week in its British stores would make a genuine difference to struggling customers, contrary to rivals' claims that it is a marketing gimmick. He said lower prices on food such as milk and mince would keep inflation to just a quarter of the official rate, which last month ran at 6.2pc. "There's no smoke and there aren't any mirrors," he said, adding that the initiative put Tesco "back on the front foot".
The interim dividend of 4.63p, up 5.9pc, will be paid on December 23. Tesco shares climbed 13.15 to 393.25p.

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UK house prices fell 0.5pc in September, declining for a second month.

UK house prices fell 0.5pc in September, declining for a second month. Compared to this time last year, prices are down 0.7pc to an average £161,132, Halifax figures show.
Reuters has produced this interesting graph of how house prices have correlated to average earnings over the last 30 years. We're still above the average of four times earnings, but creeping closer.



http://www.telegraph.co.uk/finance/financialcrisis/8782663/Debt-crisis-live.html



House prices fall for second month in a row - Halifax

Mortgage lender Halifax said the property market continued to lack direction after it reported a second successive month of lower prices.

House prices fall for second month in a row - Halifax
Halifax economist Martin Ellis said September's drop continued the mixed monthly picture so far this year with four rises, four falls and one month of no change in prices. Photo: ALAMY
10:50AM BST 06 Oct 2011
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A decline of 0.5pc in September followed a fall of 1.1pc in August, although Halifax said average prices in the quarter to September were still 0.1pc higher than the previous three months - the first such rise since early 2010.
Halifax housing economist Martin Ellis said September's drop continued the mixed monthly picture so far this year with four rises, four falls and one month of no change in prices.
He said: "This mixed pattern is consistent with a market where prices are lacking genuine direction."
The average UK house price in September was 1pc lower than in December 2010 on a seasonally adjusted basis, at £161,132.
Mr Ellis said the financial uncertainty was likely to be constraining demand but added that low interest rates and a rise in employment over the last year have been supporting the market.
"We expect little change over the remainder of this year," he said.
Typical mortgage payments for a new borrower have fallen from a peak of 48pc of average disposable earnings in mid 2007 to 26pc in the most recent quarter. This is well below the average of 37pc over the past 25 years and the lowest since 1997, the lender said.
This week, price comparison website MoneySupermarket said the average fixed two-year mortgage deal of 3.82pc was the lowest since it began compiling records in 2007, down from 4.01pc in August.
The latest drive downwards saw Leeds Building Society launch its lowest ever two-year fixed-rate mortgage with a rate of 1.99pc.

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Capitulation: Hurry the ship is sinking everyone jump off!


Capitulation: Hurry the ship is sinking everyone jump off!

stock market capitulationCapitulation is what occurs when people in the stock market       panic and start selling all of their stocks. This is typically defined by a decline in the markets of at least 10% in one day.
While this may sound like a very bad thing, it can become a positive thing as well if you are a wise investor. This is because after the panic sell off, a knowledgeable investor can buy some quality stocks at bargain prices.

It should be said that investors do not capitulate very often. The worst example was thestock market crash of 1929. It took 25 years for the markets to return to their pre-crash levels. Many things have changed since then to regulate the markets better so a similar crash is not likely. The next closest example would be in 1987 when the markets dropped 20% in one day. However, that time it only took 1.5 years for the markets to return.

http://www.lucky-dog-investing.com/capitulation.html
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Video Investing Tutorials



Video Investing Tutorials


Lesson 1: Stock MarketLesson 2: Online Stock Investing
Lesson 3: Brokerage AccountsLesson 4: Buying Your First Stock
Lesson 5: Market vs. Limit OrdersLesson 6: Buy-and-Hold Strategy
Lesson 7: Day-TradingLesson 8: Swing Trading
Lesson 9: Contrarian InvestorsLesson 10: Momentum Investors
Lesson 11: Technical AnalysisLesson 12: Fundamental Analysis
Lesson 13: Income,Value,GrowthLesson 14: Stock Returns
Lesson 15: Stock DividendsLesson 16: P/E Ratios
Lesson 17: Interest Rates StocksLesson 18: Inflation Stock Market
Lesson 19: Dollar-Cost AveragingLesson 20: Stock Prices
Lesson 21: Moving AveragesLesson 22: Bull,Bear,Sideways
Lesson 23: Standard and Poors 500Lesson 24: Dow
Lesson 25: NYSE,NASDAQ,AMEXLesson 26: Risk Trading Stocks
Lesson 27: Refusing to Sell StocksLesson 28: Greed and Stocks
Lesson 29: Income StatementsLesson 30: Earnings Per Share
Lesson 31: Price-to-Sales RatioLesson 32: Stock Analysts
Lesson 33: Problems FundamentalsLesson 34: Volume Indicator
Lesson 35: On-Balance VolumeLesson 36: Relative Strength
Lesson 37: Stochastic OscillatorLesson 38: Williams %R
Lesson 39: Line ChartsLesson 40: Bar Charts
Lesson 41: Candlestick ChartsLesson 42: Problems Technicals
Lesson 43: Emotional Stock PicksLesson 44: Investing Discipline
Lesson 45: Investing MistakesLesson 46: Stock Market Crash
Lesson 47: Investing FearsLesson 48: Gambling or Investing
Lesson 49: Cyclical StocksLesson 50: Investing in REITs
Lesson 51: Investing in IPOsLesson 52: Insider Trading
Lesson 53: Market CapitalizationLesson 54: Outstanding Shares
Lesson 55: Stock SectorsLesson 56: Revenge Trading
Lesson 57: Stop-Loss OrdersLesson 58: Trailing Stops
Lesson 59: Pump-and-Dump ScamsLesson 60: Stock Splits
Lesson 61: Reverse Stock SplitsLesson 62: Shares of Stock
Lesson 63: Trading on NewsLesson 64: Dangers of Stock Tips
Lesson 65: Trading the QQQQsLesson 66: Non-Diversified
Lesson 67: Penny StocksLesson 68: Commodities
Lesson 69: Mutual FundsLesson 70: Index Funds
Lesson 71: ETFsLesson 72: Diversification
Lesson 73: Load vs. No LoadLesson 74: Cash vs. Margin

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Capitulation - Panic Selling

This index saw capitulation as prices moved lower and accelerated in their descent.  Capitulation ends in a volume climax as price moves virtually straight down.

Capitulation is the opposite of parabolic uptrend, and often marks a lasting low on extremely heavy volume.


Capitulation is best summarised as panic selling.  Capitulation is the final phase in an extreme downtrend when stock owners are willing to sell out at any price.  Capitulation is the end of a downtrend as a result of this panic selling.  During capitulation, there is almost a complete lack of buyers, which creates a vacuum of selling.  


http://www.thestockbandit.com/capitulation/
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Connecting Crashes, Corrections And Capitulation

Connecting Crashes, Corrections And Capitulation

Posted: Jul 30, 2010

James Hyerczyk

Investors and traders face many obstacles in their quest for profits. Throughout even the longest uptrends, investors experience declines against the main trend. These are referred to as corrections. At other times, markets correct more than expected in a short period of time. Such occurrences are called crashes. Both of these can lead to a misunderstood situation called capitulation. We’ll look at these three concepts, their connections and what they mean for investors. (To learn more about market direction, read Which Direction Is The Market Heading?)

Wall Street’s White Flag
In stark terms, capitulation refers to market participants' final surrender to hard times and, consequently, the beginning of a market recovery. For most investors, capitulation means being so beaten down that they will sell at any price. True capitulation, however, doesn’t occur until the selling ends.

When panic selling stops, the remaining investors tend to be bottom fishers and traders who are holding on for a rise. This is when the price drop flattens into a bottom. One problem with calling the bottom is that it can only be accurately identified in hindsight. In fact, many traders and value investors have been caught buying into false bottoms only to watch the price continue to plunge - the so-called falling knife trap. (Traders can try to trade this phenomenon. Check out Catching A Falling Knife: Picking Intraday Turning Points for more.)

Capitulation or Correction?
When and where a market should bottom is a matter of opinion. To long-term investors, the series of retracements inside of a long-term uptrend are referred to as corrections in a bull market. A bottom is formed after each correction. Each time the market forms a bottom in an uptrend, the majority of investors do not consider it capitulation, but a corrective break to a price area where investors want to reestablish their long positions in the direction of the uptrend. Simply put, early buyers take profits, pushing the stock low enough to be a value buy again.

An investor can tell a correction from capitulation only after the trend has turned down and the downward break has exceeded the projected support levels and established a new bottom from which to trend up again. The question should not be whether capitulation is taking place, but whether the market has, in fact, bottomed.

Connecting to Crashes
A crash is a sharp, sudden decline that exceeds previous downside price action. This excessive break can be defined in real dollars as a market percentage or by volatility measures, but a crash typically involves an index losing at least 20% of its value. (To learn more, read The Crash of 1929 – Could It Happen Again?)

A crash is distinct from capitulation in two important ways. First, the crash leads to capitulation, but the time frame of the actual crash doesn’t necessarily mean capitulation will follow immediately. A market may hit capitulation – and the bottom – months after the initial crash. Second, a crash will always end in capitulation, but not all capitulations are preceded by a market crash.

In the long view, a crash occurs when there are substantially more sellers than buyers; the market falls until the there are no more sellers. For this reason, crashes are most often associated with panic selling. Sudden bearish news or margin call liquidations contribute to the severity a crash. Crashes usually occur in the midst of a downtrend after old bottoms are broken as both short sales and stop-loss orders are triggered, sending the market sharply lower. Capitulation is what comes next. (Learn more about buying on margin and margin calls in our Margin Tutorial.)

Finding the Bottom
A bottom can occur in two ways. Short selling can cease or a large buyer can emerge. Short sellers often quit shorting stocks when the market reaches historical lows or a value area they have identified as an exit point. When buyers see that the shorting has stopped, they start chasing the rising offers, thereby increasing a stock's price. As the price begins to increase, the remaining shorts start to cover. It is this short covering that essentially forms the bottom that precedes an upward rally.

As mentioned, the emergence of a large buy order can also spook shorts out of the market. It is not until the trend turns up, however, that one can truly say that buyers have emerged and capitulation has taken place. Large buyers occasionally try to move the market against the fundamental trends for a variety of reasons, but, like Sisyphus and his boulder, their efforts will fail if the timing is wrong. In timing capitulation, investors have to choose between going long on a rally started by short-covering or getting back in when actual buying – and the bottom – has been established. (For more, see Profit From Panic Selling.)

Catching the Turning of the Trend
Technical analysis can help determine capitulation because subtle changes in technical indicators such as volume are often heavily correlated with bottoms. A surge in volume is an indicator of a possible bottom in the stock market, while a drop in open interest is used in the commodity markets. Trend indicators such as moving average crossovers or swing chart breakouts are ways that chart patterns can help identify when a bottom or a change in trend has taken place.

Tricky Terminology
Crashes and capitulations are most often associated with equities, and the language is slippery. If we use percentage moves to determine whether a crash or capitulation has taken place in the stock market, then why is a downward move of over 20% in the commodities market always called a correction rather than a crash?

Moreover, one market event can also act as a crash, correction and capitulation. For example, a gradual break from 14,000 in the Dow Jones to 7,000 can be called a 50% correction of the top, but if the market drops the last 2,000 points in a short period of time, it will be called a crash. If the Dow then makes a bottom at 7,000, it will be called capitulation.

Real-World Crashes and Capitulations
Good historical examples are the Black Mondays of 1929 and 1987. In both cases, investors ran for the exits, producing big market drops. In 1929, the drop was prolonged as bad economic policies aggravated the situation and created a depression that lasted until World War II. The crash occurred in 1929, capitulation occurred in 1932, and then the actual rally occurred despite the economic conditions at the time. (For more, see What Caused The Great Depression?)

In 1987, the drop was painful, but stocks started to climb within the next few days and continued until March 2000. Surprisingly, the sudden drop in the stock market in October 1987 was called neither a capitulation nor a crash. Other euphemisms such as "correction" were used at the time. While some people realized what had occurred, it took the media years to label the event correctly. (For related reading, check out October: The Month Of Market Crashes?)

Bottom Line
After studying price movement, one can conclude that crashes and capitulation are parts of the same process. When a bottom occurs, traders can buy into the uptrend and watch the new support and resistance zones form as they navigate the rally until the next downtrend. So for them, it represents an opportunity. Long-term investors can also benefit from capitulation by getting into value stocks at extremely low prices. So, even though crashes, corrections and capitulations are bad news for investors holding the stock, there are still ways to profit. (Should you get out of a stock after a drop? Read When To Sell Stocks and To Sell Or Not To Sell for more.)

by James Hyerczyk
James A. Hyerczyk is a registered commodity trading advisor with the National Futures Association. Hyerczyk has been actively involved in the futures markets since 1982 and has worked in various capacities within the futures industry, ranging from technical analyst to commodity trading advisor. Using Gann theory as his core methodology, Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. Hyerczyk is a member of the Markets Technicians Association and holds a master's degree in financial markets and trading from the Illinois Institute of Technology.


Read more: http://www.investopedia.com/articles/analyst/080702.asp#ixzz1ZzbPyTOR
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PANIC SELLING: Almost every market crash is a result of panic selling.

Panic Selling

What Does Panic Selling Mean?
Wide-scale selling of an investment, causing a sharp decline in price. In most instances of panic selling, investors just want to get out of the investment, with little regard for the price at which they sell.

Investopedia explains Panic Selling
The main problem with panic selling is that investors are selling in reaction to pure emotion and fear, rather than evaluating fundamentals. Almost every market crash is a result of panic selling. Most major stock exchanges use trading curbs and halts to limit panic selling, to allow people to digest any information on why the selling is occurring, and to restore some degree of normalcy to the market.


http://www.investopedia.com/terms/p/panicselling.asp#ixzz1ZxNKo0ai
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