Thrilla in Manila

Another Tribute to Boxing Champ Sugar Ray Robinson

One of Boxing's Best Fighters: Sugar Ray Robinson

TAX Seminar 2008

You are cordially invited to the

PCCI Tax Seminar 2008

on

August 22, 2008, Dusit Hotel Thani, Ayala Centre Makati

1:00pm- 5:00pm

Keynote Speaker

Deputy Commissioner Nelson Aspe

Bureau of Internal Revenue (BIR)

on

Republic Act 9504

(Exempting Minimum Wage Earners from Payment of Income Tax, and Increasing Personal Exemption of all earners, and additional exemptions for individuals with Dependents/ Children)

Resource Speaker

Ms. Janette Cruz

Chief, Large Taxpayers Assistance Division I

BIR

on

"Updates on the Withholding Tax System"

Atty. Dennis Dimagiba

PCCI Tax Committee Member

on

"Bill on Local Taxation sponsored by Cong. George Arnaiz"

We enjoin you to take advantage of this rare privilege to have a dialogue with our distinguished speakers on taxation issues.

Seminar fee is only P1,300 plus 12% VAT for PCCI members and P1,500 plus 12% VAT for non-members. This includes the cost of materials and buffet snacks.

Please confirm your attendance with Noel Domingo or Nelda Sta.Maria of the PCCI Secretariat at telefax no. 896 4549 loc 128 or at email address noel.domingo@philippinechamber.com.

We look forward to your participation. Thank you very much for your continuing support to PCCI.

Stock Market TidBits: The Elliott Wave Principle

The Elliott wave principle is a form of technical analysis that attempts to forecast trends in the financial markets and other collective activities. It is named after Ralph Nelson Elliott (1871–1948), an accountant who developed the concept in the 1930s: he proposed that market prices unfold in specific patterns, which practitioners today call Elliott waves. Elliott published his views of market behavior in the book The Wave Principle (1938), in a series of articles in Financial World magazine in 1939, and most fully in his final major work, Nature’s Laws – The Secret of the Universe (1946).[1] Elliott argued that because humans are themselves rhythmical, their activities and decisions could be predicted in rhythms, too. Critics argue the theory is pseudoscience, it is unprovable and is at odds with the efficient market hypothesis.

The wave principle posits that collective investor psychology (or crowd psychology) moves from optimism to pessimism and back again. These swings create patterns, as evidenced in the price movements of a market at every degree of trend.

From R.N. Elliott's essay, "The Basis of the Wave Principle," October 1940.Elliott's model says that market prices alternate between five waves and three waves at all degrees of trend, as the illustration shows. As these waves develop, the larger price patterns unfold in a self-similar fractal geometry. Within the dominant trend, waves 1, 3, and 5 are "motive" waves, and each motive wave itself subdivides in five waves. Waves 2 and 4 are "corrective" waves, and subdivide in three waves. In a bear market the dominant trend is downward, so the pattern is reversed—five waves down and three up. Motive waves always move with the trend, while corrective waves move opposite it.

Source: Wikipedia