I want to thank both Zeroxzero and Pentaxon for their excellent analysis of the nuclear situation in Japan yesterday – without their now-obviously accurate observations, we would have probably gone more bullish. We did do some dip buying but generally with well-hedged positions except for the $25KP, where we did take a risk on FAS that will bite us in the ass.
Once again, I apologize that it’s my job to get analytical when talking about a massive human tragedy but we need to step back and assess the situation. I have been suggesting that people, in the very least, text REDCROSS to 90999 on your cell phones to donate $10 to help with the relief efforts in Japan – 250,000 people read me each morning and that’s $2.5M and if you pass this along to 10 friends and so on and so on we can really have some impact so please, Please, PLEASE – when you are about to buy something today – think of something you can do without and instead send $10 so a child in Japan can get fresh water to drink and a blanket to sleep on. Thanks!
What an interesting day for a Fed statement (2:15)! We also have the normal Tuesday Retail Sales Reports, the Empire State Manufacturing Survey, Import/Export Prices, TIC Flows and the NAHB Housing Market Index – all important stuff but all overshadowed by events in Japan. So, what is REAL over there? In the morning alerts we discussed the status of the disaster and we have Members who are clearly better than I am at discerning the facts so we’ll deal with that…
