Fukushima plant: risk of meltdown
(DigitalGlobe photo)
6:47 pm (Hawaii). I haven't seen the indices this red in a long time. At FinViz.com, it's alertingly red. Dow Jones, S&P 500 and Nasdaq futures all more than 2% down. Even precious metals and crude oil are down. There seem to be very few safe havens, though I imagine refiner stocks are still going to tear higher tomorrow. Asian markets are in selloff mode with worsening nuclear meltdown issues in Japan, where the Nikkei sold off 12% on Tuesday on top of the 6% loss on Monday.
In his new book, James Altucher had something productive to say about global crises and the overreaction of markets. (When it hit stores last month, the market was still bullish. No so much now, huh?) It's human nature and it's almost predictable that there will be panic selling. But I do like what some said today about the coming demand for steel, copper and other commodities once Japan gets into rebuilding mode.
Futures
DJIA -273 (-2.3%)
S&P 500 -34.00 (-2.6%)
Nasdaq 100 -55.75 (-2.4%)
Crude Oil -2.86 (-2.8%)
Gold -13.30 (-0.9%)
Silver -0.78 (-2.2%)
Copper -0.04 (-0.9%)
Glad I closed my position AAPL today, even if I missed out earlier on a small profit. Cash is king right now.
Swiss Info: Radiation leaps after Japan plant blasts (Mar 15 2011)
Sydney Morning Herald: Stay indoors: Japanese PM's order (Mar 15 2011)
The Loop: Apple analyst: iPad 2 sold out, 70% to new users (Mar 13 2011)
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