Daytrading to earn a living: Olympic hangover.

As China gears up for the upcoming Beijing Olympics, economists are weighing the economic consequences of the Games, with some of them worried about an "Olympic hangover".
There are basically three opinions regarding the economic impact of the Beijing Olympics. One is that unlike previous profit-making Games, the huge investment in the Beijing Games will incur losses.
The second is that a substantial economic downturn will occur following the Olympics.
The last view is that the favorable social and economic impact of Olympics would be enormous and long lasting.
Seen from experiences of the host nations of the past eight Olympic Games, six of them recorded accelerated growth in the year of the Games.
Moreover, given the different development phase of the host nations, the impact of the Olympics is different.
For example, the economic scale of Greece, host of the 2004 Athens Olympics, was $185 billion while that of Australia, host of the 2000 Sydney Olympics, was $390 billion. China's economy is about 16 times that of Greece and eight times that of Australia.
After the Olympic Games, some Olympic-related industries may hit the skids, but the Olympic effect would benefit some other sectors, such as information, sports, travel, culture and exhibition, which are combined to serve as the new growth points of the national economy.
Experts estimate that the Games would produce a total of $71.7 billion in revenues during the 2003-10 period.
The Games will leave some unique Olympic heritage for the host city, which will help it promote local travel, exhibition and sports industries. The boost for the city's exports and internal trade, for example, may surface within three years after the Games.
Beijing could also take advantage of the Games to continue its urban development and promote higher value added industries, such as hi-tech and services.
The Olympic Games provides an opportunity for China to show the world what it is like and the enhanced understanding will promote China's foreign trade and cooperation.
The hosting of the Olympic Games would mainly benefit eight industries, including travel, commerce, real estate, construction, transport, sports, information and telecommunications, helping to increase investment in those sectors.
The Games, therefore, would definitely push economic growth.
Experts estimate that the Games will bring an extra 105.5 billion yuan to Beijing's GDP during the 2004-08 period.
Nationwide, the overall economic benefit, including both direct and indirect benefits, of the Olympics would be about 600 billion yuan.

Tracking the Dow on Wednesday,06/08/08

9:30am--50.0 points gap down.
A $821 million loss for mortgage financier Freddie Mac (FRE) again raised worries about the financial sector.
10:30am--A bullish harami.
Session low,sign of recovery to fill the gap.Buy.
11:30am--Ascending soldiers.
The bearish gap being filled.Index hoovering at the open.
12:30pm--Hangman.
Close position,buyback.The main candlestick pattern looks like a hammer.
1:30pm--Hangman again.
Oil prices on Wednesday continued to fall after the Energy Dept. reported crude oil inventories
increased by 1.7 million barrels in the week ended Aug. 1 from the previous week.
2:30pm--Graveyard doji.
Cisco Systems (CSCO) reported earnings of 40 cents per share, beating Wall Street expectations by 1 cent.
3:30pm--Bears control.
Whole Foods Market (WFMI) suspended its dividend after posting a drop in earnings. The grocery chain saw earnings of 24 cents per share, down from 35 cents. Same-store sales rose 2.6% and total sales were 22% higher, but Whole Foods warned of lower profits for the rest of the year, and reduced the number of stores it expects to open.
4:00pm--Bearish engulfing.
looks like profit takers still at work.