So I started to think of a very simple cute round character like a mouse or a penguin or an owl. Nothing too complex. I did a few quick sketches and decided that I liked the owl the most.
I started by animating a ball bouncing on the spot to get the timing right. Then I animated the owl character (I like to call it "owlet" ) by using the timing of the ball.
Then I animated its right ear, right wing and right foot assuming that I could just copy those layers into a movie clip, bring the movie clip onto the stage and mirror it. That way i wouldn't have to work on them seperately. I thought it went really well. I exported an swf and the loop was working perfectly.
Little did i know that it is absolutely impossible to export out a movie clip from flash as a movie. In the avi exports the movie clips apparently don't work. I tried exporting it out from flash as an image sequence (gif/png/bmp) but that didn't work either. On looking it up on Google, I came to know that a lot of people have made the same mistake and there was apparently no way around it. I tried taking screenshots of each individual frame in hopes that i would be able to put it together in premier or something, but the timing wasn't the same.
[UPDATE 11/04/12] Well I fixed the animation that was in the movie clip manually. Here's the final bounce!