[hardwired]

Code:

import java.awt.*;
import java.awt.geom.*;
import java.awt.image.BufferedImage;
import javax.swing.*;

public class SpinningTaiChi extends JPanel implements Runnable {
    BufferedImage image;
    Point loc = new Point();
    int dx = 2;
    double theta = 0;
    double thetaInc = Math.toRadians(3);
    AffineTransform at = new AffineTransform();

    protected void paintComponent(Graphics g) {
        super.paintComponent(g);
        Graphics2D g2 = (Graphics2D)g;
        g2.setRenderingHint(RenderingHints.KEY_INTERPOLATION,
                            RenderingHints.VALUE_INTERPOLATION_BICUBIC);
        if(image == null)
            initImage();
        g2.drawRenderedImage(image, at);
    }

    public void run() {
        boolean more = true;
        while(more) {
            try {
                Thread.sleep(50);
            } catch(InterruptedException e) {
                System.out.println("run interrupted");
                more = false;
            }
            step();
        }
    }

    private void step() {
        checkBoundries();
        setTransform();
        repaint();
    }

    private void checkBoundries() {
        if(loc.x + dx < 0 || loc.x + image.getWidth() + dx > getWidth())
            dx *= -1;
    }

    private void setTransform() {
        loc.x += dx;
        theta += thetaInc;
        at.setToTranslation(loc.x, loc.y);
        at.rotate(theta, image.getWidth()/2, image.getHeight()/2);
    }

    private void start() {
        while(image == null) {
            try {
                Thread.sleep(25);
            } catch(InterruptedException e) {
                System.out.println("waiting interrupted");
                break;
            }
        }
        Thread thread = new Thread(this);
        thread.setPriority(Thread.NORM_PRIORITY);
        thread.start();
    }

    private void initImage() {
        int s = 160;
        int type = BufferedImage.TYPE_INT_ARGB_PRE;
        image = new BufferedImage(s, s, type);
        Graphics2D g2 = image.createGraphics();
        g2.setRenderingHint(RenderingHints.KEY_ANTIALIASING,
                            RenderingHints.VALUE_ANTIALIAS_ON);
        Ellipse2D.Double e = new Ellipse2D.Double(0,0,s,s);
        g2.setPaint(Color.white);
        g2.fill(e);
        Rectangle2D.Double r1 = new Rectangle2D.Double(0,s/4,s/2,s/2);
        Rectangle2D.Double r2 = new Rectangle2D.Double(s/2,s/4,s/2-1,s/2);
        Arc2D.Double a1 = new Arc2D.Double(r1,0,180,Arc2D.OPEN);
        Arc2D.Double a2 = new Arc2D.Double(r2,180,180,Arc2D.OPEN);
        Arc2D.Double top = new Arc2D.Double(0,0,s-1,s,0,180,Arc2D.OPEN);
        Path2D.Double path = new Path2D.Double(Path2D.WIND_EVEN_ODD);
        path.append(a1, false);
        path.append(a2, false);
        path.append(top, false);
        g2.setPaint(Color.black);
        g2.fill(path);
        g2.draw(path);
        g2.fill(new Ellipse2D.Double(s/4-15,s/2-15,30,30));
        g2.setPaint(Color.white);
        g2.fill(new Ellipse2D.Double(s*3/4-15,s/2-15,30,30));
        g2.dispose();
        double y = (getHeight() - s)/2;
        loc.setLocation(0,y);
        at.setToTranslation(0,y);
    }

    public static void main(String[] args) {
        SpinningTaiChi test = new SpinningTaiChi();
        JFrame f = new JFrame();
        f.setDefaultCloseOperation(JFrame.EXIT_ON_CLOSE);
        f.add(test);
        f.setSize(600,400);
        f.setLocationRelativeTo(null);
        f.setVisible(true);
        test.start();
    }
}

Edit: Moved last three lines of start method which were mistakenly placed inside while loop.