Newsflow is heavy today, disrupting the normal flow of events.
The worst earthquake in over a century hit Japan last night. The 8.9-magnitude quake caused a 30 foot tsunami that swept away buildings and cars. Tsunami warnings are sounding across the rest of the Asian and American Pacific coasts, Hawaii and Guam residents are being evacuate form coastal areas.
Oil dropped below $100.
European bourses are off between 1/2 and 1%; US futures, off their worst levels of the morning, show Dow and S&P set to open down about 0.5%.
All things considered, yesterday’s shellacking could have been a lot worse. We may see some follow through selling today. The key market issue is whether we find some stabilization, or if the distribution of shares accelerates.
I am out of the office today, dealing with some emergency repairs to the house. I hope to be be back before lunchtime . . .