Why I like EPIC

It's been a long time since I last posted an article in this blog. Personally, I prefer to chat in my chatbox, but since a few people has asked "Why EPIC", I thought I pen my thoughts here for future reference.

Firstly, a Disclaimer: I own EPIC, EPIC is a low volume stock at the moment, so, if you buy EPIC and cause its price to rise, you may be buying off my hands ... so, if in doubt, best to avoid this stock. Nevertheless, you may find the discussions and reasonings beneficial, and it may be useful to you to trigger other ideas about other O&G stocks.

Ok. Well, if you've been following the chatbox, you will know that I've been quite bullish on Crude Oil for quite some time. Here's a reason why:



This is a weekly candlestick chart of NYMEX Crude Oil (Light). As you can see, there was a strong resistance back in 2006 and 2007 when Crude Oil failed to break $80 in mid 2006, and fell to a low of nearly $50 in early 2007. Subsequently, it tried again in late July and failed temporarily for a few weeks, before surpassing $80 in Sep 2007.. Even after surpassing that, it hesitated and took quite a long time (several weeks), before conclusively breaking out above that. And note that after that, there is a "double bottom" around Nov 2007 and Feb 2008, before shooting up to close at nearly $120 last night. A lot of effort has been extended this week, perhaps we might see some pullback in the next coming weeks, and it is still important to ensure that this charts makes higher highs and higher lows, but one thing which seems safe to say is that we are unlikely to see US$80 price for perhaps the entire 2008 year, if not longer. In fact, there are 2 other higher support levels, the first around the double bottom area (say $86), and the next at around $98-$100 level, so, in my opinion, it would take a dramatic and serious bad news to see Crude Oil retesting the US$80 level again.

Ok, that's the TA observation, but there are also some fundamental reasons why I think Crude Oil will also stay high for the rest of this year.

1. Weakening US$ trend. As we all know, the Feds have been cutting interest rates, and everytime they do that, the attractiveness of the US$ bonds and assets in general falls. This is bad news for the US$ currency.

2. Crude Oil contracts as hedges against weakening US$. It's becoming obvious to me that when US$ starts to weaken, Crude Oil contracts in US$ rises. Increasingly, funds are using Crude Oil contracts as hedges against their US$ positions. Since US$ is a global currency used everywhere in the world, one can only expects large usage of crude oil contracts as hedges. The Fed rate cuts are not going to reduce these hedging activities.

3. Speculative activities. There is no doubt that when something like this happens, hedge funds behave like vultures looking for prey. Often, their activities fuels and escallates the trend further.

4. Demand factors. In the latest figures for March, Chinese Demand for crude oil reached a record 4 millions barrels per day (bpd), and diesel imports quadrupled ahead of summer Olympics! There is still strong and booming demand for crude oil.

5. Supply jitters factors. Some examples are security issues in Nigeria - recent attack on the pipeline disrupted 1/5th of Nigeria's export flow. Recent attacks on Japanese oil tanker near Yemen - not much damage, but contributed to the jittery sentiment. Potential shutdowns of 200,000 bpd at Grangemouth refinery in Scotland as the unions plan to strike for 2 days, Etc. Etc. Etc. Again, when markets are like this, these sort of news do not help.

In short, when you look at both the fundamental factors and the technical factors, the outlook for crude oil is still bullish this year. Prices never goes up in a straight line, we can expect pullbacks, but the longer-term trend is up. As they say, you want to trade with the trend.

Ok, so, that's the story with Crude Oil. Bullish for this year. But why EPIC? Why not something else?

Well, if you followed my writings in the cbox, there was that "something else", and not just one stock. When trends first start, it pays to trade with the leaders as a general rule. So, what were those leaders? Well, SAPCRES comes into mind, and many of you probably have seen me Fu-Yoh-ing many times as prices keep going up from $1.31 onwards :-) And SAPCRES has done very well, going from $1 to $1.67 at lunch time. That's an amazing gain of 67% and a tremendous amount of energy has gone into this stock. Does it mean it will end? Well, that's hard to say. I still have SAPCRES at the time of writing, bought at various prices on the way up, but when we look forward, it's hard to say that we are going to see another 67% gain from $1.67. In other words, the easy gains have been had, and now, probably it will get harder.
So, this naturally lead to the search for the "2nd tiers", or the "laggards" - those O&G stocks which hasn't yet moved up much. Now, this is a trickier proposition, because laggards don't always follow. In fact, when the underlying moves are weak, laggards usually don't move much. However, when you look at the strength of the Crude Oil moves (see weekly timeframe chart above for Crude Oil), and when you look at how much the O&G leaders have moved, these are NOT small moves, but MAJOR moves. And if these Major moves are sustained, experience tells us that usually, the "2nd tiers" will eventually move. Of course, the risk is that if these moves are not sustained, and even if the leaders themselves fall, then, the 2nd tiers may not move up much. But they are unlikely to fall down much too, as they have not risen by much.

Now, this question about rising and falling by much or little needs some objective measurement. There are many ways to do this. One way is to compare the size of the fall of stock prices from the peak to the low, and to then compare how much the stock prices have gained from that low.

So, taking SAPCRES and closing prices as example. Sapcres reached a peak of $2.59 (closing price) on 26 July 2007, then, fell to a low of $1.02 (closing price) on 17 Mar 2008, before rebounding back by nearly 65% to $1.67 (lunch time today). In proportional terms, Sapcres has regained 41% of the fall from the peak.

As for EPIC, EPIC reached a peak of $3.20 on 26 July 2007, then, fell to a low of $1.67 on 10 Mar 2008, before rebounding back by nearly 18% to $1.97 (lunch time today). In proportional terms, EPIC has regained only 20% of the fall from the peak.

You can see that both numbers for EPIC - 18% regain vs 65% regain for SAPCRES, and 20% vs 41% shows that EPIC is not a leading O&G stocks like Sapcres. Sapcres is leader, EPIC is laggard. But if the high crude oil prices story remain good for the rest of this year, then, maybe, from a forward looking perspective, it might just be a matter of time before the 2nd tier stocks starts to follow. IF this happens, then, you might find EPIC returns to be more interesting from a forward looking perspective, due to its current "lower" price.

Technically, chart-wise, EPIC price chart has that familiar W "double-bottom" shape. It looks like it's about to break-out / has broken out, although the volume isn't terribly convincing. This morning, the stock price inched forward, and now may be a good time to publish this article From a fundamental perspective, EPIC isn't too shabby either. Just a few stats and comments.

1. Last TTM (Trailing 12 Months) Earnings = $30.7 Million, representing 299% growth over the prior year. That's nice to see, and when Crude Oil prices rise further, one can only be optimistic that the figures should eventually be higher than this.

2. Last quarter earnings annualized is $6.8 M x 4 = $27.2 Million. I normally look at this figure and compare against 1 to see if there might be signs of slowing down, and there seems to be a slight indication there, indicating that EPIC might not be "risk free". In fact, there is no such thing as a "risk free" stock.

3. Using 1, EPIC trades at a P/E of 10.8, using $1.97 price. This is actually quite reasonable and not expensive at all for an O&G stock where the sector trades at a much higher P/E.

4. EPIC has a nice Net Cash position of $80M at last Balance Sheet date. That's nearly 47 sen per share. Again, it doesn't guarantee anything, but it's a nice head start. The Net of Cash or the Business P/E is priced quite attractively at around 8, making it even more attractive.

5. Naturally, if you glance at the Annual Reports, etc., you will see quite optimistic statements about the company's future prospects. As usual, exercise your own discretion since such statements coming from such sources are naturally optimistic.

In short, both technically and from a fundamental perspective, these are some of my reasons for favoring EPIC. I actually hold a number of O&G stocks, and EPIC is just one of them. However, since I've been asked about the reasons why I like EPIC, I'm writing it here for my own convenience. Again, this is not a Buy Call, just sharing with you some of my reasons with my own reasoning. If you decide to trade the stock, don't forget your Stop Loss. As usual, pay attention to the Position Size (don't be too greedy, but don't be too fearful either). And always remember that stock prices never move up in a straight line. Be prepared for pullbacks, and know how you will react in advance to both price increase and decrease in future.

Good luck!

Disclaimer: As usual, buy/hold/sell at your own risk. And I own EPIC, so, don't be surprised if I sell when you buy! :-)

"Help those who needed help more than me" - Chan Kok Fei

I was browsing the news and came across this case which touched me deeply (full link here - http://thestar.com.my/news/story.asp?file=/2008/3/20/nation/20674124&sec=nation) :

"JOHOR BARU: STPM top scorer Chan Kok Fei has been swamped with offers from generous donors who want to help him study medicine, but the single-minded teenager is determined to put his family’s needs above his own. ...

Despite all the offers of help, Kok Fei wrote a letter to The Star thanking the readers while maintaining that he would still pursue his original mission. ...

He said he would continue to give tuition in Kuala Lumpur during the week to support his family and finance his part-time classes for a Business Administration degree in Singapore....

Even though I won’t be doing medicine, business is my second choice. I can also help my family and the people around me in a shorter time,” he said, adding that that was his priority. ...

Kok Fei, the oldest of three siblings ...

He explained that his family needed the money as his father worked as a hawker, earning RM1,000 a month, while his mother could no longer work after a fall several years ago which caused blood clots in her brain. ...

“She was supposed to go for surgery, but we don’t have money for the treatment. ...

“I want to start contributing financially to my family because my father is also suffering from heart problems,” ...

Chan also said that he was fine with his decision and that he was convinced that the changes he could bring upon his family were far more worthy than achieving his dream of becoming a doctor....

He also urged all those who planned to help him to extend their assistance to others who needed help more than him. ..."

_________


My Comment:

- I have no words to express how deeply touched and how hugely impressed I am with this young man.

- If someone like him cannot obtain or does not receive financial assistance from either the State or National government, then, one must wonder if something is deeply rotten to the core with our government when we have scandals like the Port Klang Free Zone to the tune of RM$4.6 billion, the rampant wastages from Malaysia's space programs, the thousand Ringgit screwdriver set, etc., etc. etc... I pray the right thing will be done for this young man, and hope that he does not dwell on how much corruption and wastages our country has done in recent decades, and how a fraction of that wastage could have been used to the betterment of this country.

- He may be just 19 years old, but if all our newly confirmed MPs just have a fraction of this young man's sense of sincerity, sacrifice, fairness, compassion and love for his family and others poorer than him, and extend that to look after Rakyat's best interests, then, I have no doubt Malaysia would be a completely different country.

There may be no direct investing lessons here today, but maybe ... just maybe ... there may be a bigger lesson here for all of us to learn about humanity, love, personal sacrifice, and compassion for others.

Take care.

Watch your brokerage fees 2

A quick update.

Further to discussion with my broker. Firstly, I should say that my broker is much more prompt in responding to me, than I am in writing this article, so, kudos to my brokerage firm! (unfortunately, I'm writing this whilst doing other things in and out, but not in CSL style :-) )

1. I am advised that the contracts shown on 2 Jan is due to incorrect factors uploaded into the system. The mistake is deeply regretted. They understand I could not really sleep last night. :-) They will fix it to reflect the new fees that I mentioned in my previous article. The differences will be credited into my account by end of month.

2. As for the normal fees for below and above $100k, the online rates remain the same (0.42% and 0.21%), and is negotiatiable, i.e. a confidential individual arrangement between broker and client. Whilst my own preference (a "wish list" for this industry, i.e. addressed to all brokers) is to have it transparent across brokers nationwide (since the process of negotiating with every single broker across the country is very time consuming - definitely something I don't have at the moment), the only thing I will do is to just comment it here, so that hopefully, we can have a discussion whether such a thing should be standardized and made transparent, or have it done in varying standards behind closed doors. Apparently, my cbox is viewed by industry professionals, so, don't be afraid to leave your comments here, as it may / may not influence the industry. Certainly, if we don't express our views and keep it inside, it will never be heard.

Notwitstanding 1. and 2. personally, my own experience now is that I am overall pleased with my broker's service and rates quoted. I am also too busy at the moment with finding better rates. Hopefully, your experience with your own brokers is equally pleasant under such potentially confusing circumstances. However, should the unfortunate happen and you find that your broker provided you with a lousy service and high rates, then, just change brokers. Remember, ultimately, it's your money and not theirs yet.

Cheers,
Seng.

Watch your brokerage fees

Good morning and Happy, Healthy and Prosperous New Year!

It seems this This New Year has started out with a Big Bang, and I don't mean fireworks literally! :-) At the start of the year, the nation was gripped with the hugely controversial news about the possible illegal surveilance of the private life (sex activities) of our Health Minister. As a result, it is not unexpected that the Internet (including my cbox) has much discussions about that, possibly diverting attention on the impact of the new 2008 brokerage fees.

I was fortunate that I did a couple of transactions yesterday, which allowed me to understand the initial impact. At first, I was shocked and most dissappointed. Why? Well, when the Budget first announced the new fees last year, it focussed on 3 things. 1. That the Minimum Fee has increased to $40. 2. That the clearing fees have reduced in % terms by 0.01%. 3. That the brokerage % are negotiable. When you combine 2 and 3, my own personal expectation is that % terms, brokerages should fall (and that the Minimum $ fees rise, so as to encourage larger size trades).

However, when I looked at my actual trade result on 2 Jan 08, I was shocked! Here is a snapshot of my trades. For ease of convenience, "brokerage" refers to the total costs of brokerage + clearing fees + stamp duty.



CNOOC-C1
Buy brokerage = 50.34 / 7800 = 0.645%!
Sell brokerage = 51.63 / 8100 = 0.637%!
Total intra-day trade = 1.28%!
In 2007, intra-day trade typically cost me (in total) around 0.29% one way, or 0.58% bothways (buy and sell). Naturally, I am most dissappointed with the higher % increase.

HSI-C1
Buy brokerage = 56.68/12,250 = 0.46%!
Sell brokerage = 56.81/12670 = 0.45%!
Total intra-day trade = 0.91%!
Again. Most dissappointed that not only has the trade size increased to around $12k, but the % has also increased.

So, I quickly wrote an email to my brokerage firm, expressing my dissappointment and request for a full schedule of brokerage fees for 2008. To my brokerage firm's credit, their response was immediate. It seems the Minimum Brokerage is now $12 (unchanged). The intra-day brokerage % appears to have been REDUCED to 0.1% (previously 0.15%). However, as for the rest, it is still unclear (e.g. Normal trade % below $100k and above $100k).

Whilst I am partially relieved with the immediate and prompt response, I am extremely puzzled as to why this country has to create so much unnecessary work and confusion for everybody. Even up to now, I am still confused. And when there is uncertainty, as prudent traders and investors, one must scale down one's activities, until one knows the new rules in full.

Naturally, I will follow up my broker later. I urge you to do the same thing. Make sure you know the full schedule of fees that will apply to you for 2008, since brokerage is a very important component to one's investing results over one's lifetime. And naturally, the impact will hugely impact one's trading activities, especially for someone like myself.

Good luck.

PS. If your brokerage firm gives reduced brokerage fees than the above, please do not hesitate to drop me a note here in the comments, so that every reader and visitors here can consider that and possibly consider transferring their business to the cheapest and best value brokerage firm.

PS2. My deep apologies to my brokerage firm for publishing this, but this confusion needs clarification at national level urgently. Confusion is bad for business for everybody, myself included. This is notwitstanding the very commendable and prompt response.

Winds of courage

This evening, I was reviewing the chatbox history and was impressed by Windsurfer's comment.

If you don't know who Windsurfer is, he is a regular chatter I know from the old investssmart chatbox days a year ago but recently went away for a few months until today. I remembered him saying at least 2 interesting things to me: 1. Don't be a psycho Buffett fan (which I agree - critical, independent thinking is far more important than being a fan for successful lifetime investing results), and 2. "Greed is good" (which I also agree and disagree - a complex topic). Whilst our chats have been almost exclusively over the cbox, over the one year I interacted with him, he strikes me as a courageous young individual (e.g. his high Petroch CW holdings as % of his total capital) with a fair integrity. The latter is something I observe to be more likely to be true in registered cboxes, compared to unregistered ones.

And so, when I saw Wind volunteered his comments below, it spoke to me very loudly of Wind's character and I am impressed with this young man.

You may wonder why Wind would want to clarify that he is not "Wind chaser". The background is due to a mysterious individual who called himself "Wind Chaser" (not Wind Surfer). Since both names start with "Wind", I guess readers (especially new readers) could be confused as to who is who, since the real Windsurfer went away for quite a while.

But why the clarification by Windsurfer? Well, "Chaser" asserts that he used to chat in my cbox but has stopped chatting for some unclear reason, and then proceed to personally attack me left, right and centre. An anonymous enquired if he is Windsurfer, and Chaser carefully concealed his identity, leaving readers (including myself) wondering if it was Windsurfer. And I was impressed when I saw Windsurfer volunteered his clarificiation at 12:27 above.

In the 3 entries, I counted around 10 points. My immediate thoughts are in brackets below. There are no real feelings attached - just calm observations as it's not anything new to me. I have also invited him to chat with me to clarify his thoughts in Sam's blog (it may take some time, as the comment is moderated there). See his 3 entries below, and full details here (although I would advise to exercise one's own judgement when reading the entries here - https://www.blogger.com/comment.g?blogID=2900671137131972978&postID=2917137434145745191)

Entry 1 Dec 27, 4:27PM:

Entry 2 - Dec 27, 5:59PM

Entry 3 - Dec 28, 11:21 AM

If you are seeing these for the first time, such comments may seem confusing to you, and you may rightly wonder what this "bugger S" did to Wind Chaser that deserves such a treatment. But to be honest, I've seen these comments spread across the online investment community hundreds if not thousands of times (mostly repeated spams) over the course of the last 5-6 months. From my own perspective, they have no real basis (as someone wise once commented - "I am not afraid of my own shadows"), but I genuinely invite the commentators (and spammers) to come to my cbox to explain to me their basis for such accusations. I noticed that I haven't really addressed them here in my blog, so, it might be worthwhile to write them out here at least once for future reference.

1. "that S bugger know how to talk only". (my immediate thought is to ask Chaser if he has considered looking in the mirror recently.).

2. "the one who make accusations on sam, the thick fellow". (my immediate thought - what accusations? See point 10 also which is similar)

3. "the thick fellow". (my immediate thought - thick what? )

4. "just can't stand S talk" (I guess S is Seng, so, why can't you stand?)

5. "always claimed credit" (please give me an example of when I claimed credit. I find this comment amusing for a variety of reasons)

6. "without any say before hand calls" (should I give before hand calls? This is an interesting topic probably worth discussing further. I would like to mention that with my new investing style since mid this year, I honestly don't know how to give before hand calls in my cbox without altering/affecting the outcome in an adverse manner. Most of the time, I don't even have a split second when competing against other traders in grabbing timing opportunities, let alone give before hand calls. Further, it invites unnecessary competition in both grabbing limited opportunities and executing stop losses. Further, I don't charge fees for my blog nor chatbox. But I do immensely enjoy discussing and sharing principles, thoughts, opinions, with like minded individuals as well as new investors. And I do believe that timing skills is something that one must acquire for oneself.)

7. "once market plunged, he just kept quiet" (perhaps he refers to my losses. Well, I think I've been quite frank in talking about my Ramunia-LA loss, OSKVI loss and other losses in the chatboxes, which is more than what I've heard about Chaser's losses. I also remembered telling the cbox some time ago that I had losses in over 40 different stocks [and winners in over 160+ stocks] then [and the numbers for both are different now.] )

8. "really disgusting" (strong words but is it necessary? do you want me to lie to say I only just dispose instead of disposing a long time ago? I have already stated many times in my blog that you buy, sell, hold at your own risk. As early as mid this year, I mentioned repeatedly that I was transitioning into 5 different portfolios with radical rationalization. I will not hold your hand when it comes to disposing time since this is a free blog and i simply don't even provide that service for a fee.)

9. "the culprit is the one who sour on other people's success" (well said - have you considered looking into the mirror recently?).

10. "i cannot tahan seeing the bugger S accusing Sam of wrong doing" (you need to refresh my memory on this one. the only incident I can think of is when I was chatting with Dali, Maxforce, Random and someone mentioned the idea whether it could be just be the work of one person, and I said I shared the same suspicion too. If I compare that with #1 to 9 above, I wonder who is the accuser and who is the accused?)

So, I would like to invite "Wind Chaser" (as I have invited "others" who made the same, virtually identical, baseless spammed accusations) to explain to me his opinions better in the cbox. I have invited him in Sam's blog (since he might not read this cbox anymore ... right and cows do fly), and hope to see who he is, since I sincerely have no idea who that person might be. I sincerely hope this person - Wind Chaser - is a genuine individual who previously chatted in my cbox and not turn out to be an imposter in Sam's blog.

Kind regards,
Seng.

PS. Do let me know if my explanations here is still unclear. Better, come and chat with me in my cbox, and I will be happy to explain to you or anyone else my viewpoints. Hopefully, we both will come out wiser as a result of this interaction.

SINOPEC-C1 Case Study

Hello everyone and good evening!

Firstly, thanks for the many enquiries received. I'm doing well, and have been trading privately, and occasionally browing the cbox and find interesting comments made there. I should add that "tradester" is not me :-)

As I have a few minutes this evening and the cbox seems quiet, I thought I write something a bit different tonight to stimulate discussions there. I would like to share with you my recent actual trading experience with SINOPEC-C1. (Yes, I stopped chatting, but I haven't exactly stopped trading :-) ) I don't think it's a perfect trading experience - I made my share of trading mistakes there. But at the same time, I did a few things right, which contributes to the result. You may find it interesting and instructive to analyze each trade below and perhaps the traders amongst you might find it interesting to discuss what I did right and what I did wrong and can better improve.

For background, SINOPEC-C1 is not my largest trade, nor my largest profit. On both counts, it is smallish / moderately small. Hence I don't mind sharing it here.




Note the following:

1. At the start of Dec, I have zero position on SINOPEC-C1. I have traded SINOPEC-C1 before several times in and out completely. My first entry in Dec is on the 18th.

2. There are 11 transactions in total since Dec 18 to Dec 27.

3. On Dec 26, I exercised 100,000 SINOPEC-C1 shares. Dec 27 closing price in HK is HKD$12.16. Assuming an exchange rate of $2.37 (still not sure what this is exactly), the equivalent price is around 26.67 sen. The order to exercise was given on Dec 26, and you will note some arbitraging trades there.

4. You may notice a few very small trades and a couple of larger trades. You may wonder why the different sizes. (Hint: I personally find that when I execute trades however small, I somehow have a heightened sense for where the market might go, rightly or wrongly - do you have the same feeling?).

5. You may note that SINOPEC-C1 is traditionally regarded as a risky call warrant due to the short expiry date. Are all short-expiry CW risky? What defines risk?

6. Please don't regard this article as a recommendation to buy SINOPEC-C1. This evening, SINOPEC-C1 closed at 27 sen. My unrealized gain is around $18+k, but I could easily dispose this tomorrow morning at 9 AM, or add more position. To be honest, I don't yet know at the time of writing.

Hope to see an interesting and productive discussion tomorrow. I hope there will be a few traders there. Unfortunately for me, I am most likely to be occupied tomorrow, but you might find reviewing the 11 trades above to be insightful. Anyway, I haven't tried this before, so, let's see if you find this useful or not. If not, we'll try something else.

Good night, happy trading, and have a Happy New Year!

Best wishes,
Seng.

PS. Do feel free to leave a message here and I'll try to respond to that next week if it's productive.

Temporary absence

Dear Readers and Visitors,

This is just a short note to let you know that I will be away temporarily from the cbox for say a couple of months starting next week.

Something has turned up for me this weekend, sooner than expected. It is not investing related but something very meaningful to me that I would prefer to put more focus on. Also, there are other personal projects that I have not started/spent enough time on. Hence this temporary absence.

When I looked back at 2007 year, I thoroughly enjoy investing and trading. Perhaps worthy to mention is that even if I don't earn a single cent from today onwards, 2007 will already be by far, the best investing year in my life. Looking back, investing has grown to occupy far more than what I had orignally intended at the start of 2007, so, this temporary absence seems timely to reseek balance.

I will still trade but occasional and private. I will miss the cbox. To me, the cbox has been a great learning place, very motivational and very enjoyable place to be. I could spend my time there all day, but it would be counter productive to my new goals …

In case some of you may speculate that my sabbatical has something to do with maximizing returns from a market timing perspective, the latter simply has nothing to do with my temporary absence.

So, do continue to chat in my cbox. Treat this like your own home, a place where you can make new friends, keep old friendship, exchange and explore new investing/trading ideas, a place where you generally find it useful for your own personal investing development.

For your information, the cbox still receives over 1,000+ views a day. There are 200 registered members there, and a few gurus such as Dali, Moolah, Newbie, Bullbear and others ... In fact, the first 2 were recently elevated by mainstream media to "super-star" status :-) So, I trust I won’t be missed that much as I have never blogged full-time, but only sometimes.

I would also like to take this opportunity to thank everyone for their fantastic support and for making this blog so enjoyable for me this year. I truly think everyone there is simply the best, and I wish you all the best in the near future!

Merry Christmas, Happy 2008 New Year and A Happy Chinese 2008 New Year to all of you in advance!

Cheers!

Seng.