No Mr. Wise Guy today. The world is facing two crises in Japan and MENA. The nuclear issue in Japan appears out of control. At the same time, this tragedy is masking what's going in MENA as Gadhafi takes control and in Bahrain where the weird Sunni/Shiite battles rage. With the latter, it's like a primitive religious war the west experienced centuries ago (save Ireland) with Catholics fighting Protestants.

Where is the president? This has been a universal question raised by both right and left. Obama appeared on ESPN to go over his NCAA basketball bracket, is hosting a $30K a plate fund raiser in Harlem and heads this weekend to Rio. The president's disconnect is beyond belief and his ears have turned to tin. Hillary Clinton meanwhile has announced she won't serve a second term as Secretary of State should Obama be reelected. Perhaps she'll serve as Vice-President to beef-up Obama's reelection chances; but, she hasn't distinguished herself in foreign affairs lately.

Last night the BOJ injected many trillions of yen helping markets rebound. With rapidly changing "current" news this may not occur tonight. Bulls hope for reconstruction that will help U.S. industries within materials and manufacturing sectors providing the stuff they need to rebuild. But, that's a longer term positive for U.S. markets. For now, we need to know how this situation will play out from a humanitarian and safety view.

The yen has hit fresh all-time high with repatriation paramount. Bonds are still climbing while crude oil rose and precious metals were up a touch. Other commodities were mixed.

Volume soared as stocks collapsed and perhaps now we're seeing a "wash-out" from which a good bounce can occur. (Like I said about yesterday's PM rally: "Wasted buying power".) Breadth per the WSJ was very negative as we reach much oversold conditions, at least on a short-term basis.

 

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