The Central Banks and the US Exchange Stabilization Fund will have their work cut out for them judging by the overnight futures action.
If the market does find a footing after the first hour of trade, watch for a snap back relief rally. I look for this to happen around the key support level at 1251. Watch the action to see if it can regain the pivot around 1278.
This is barring any further deterioration in the situation in Japan with their reactors.
I understand the crisis and catastrophe are very real. Having said that, the media is a prism of a world dominated by the monied interests, and persuasion and deception are key elements in their game of domination. And their hypocrisy knows no bounds.
"Japanese stock futures prices plunged 16 percent on Tuesday as the country's prime minister said radiation levels at a stricken nuclear plant had become high, deepening concerns about the disaster and its likely economic toll." Reuters
"Japan faced the likelihood of a catastrophic nuclear accident Tuesday morning, as an explosion at the most crippled of three reactors at the Fukushima Daiichi Nuclear Power Station damaged its crucial steel containment structure, emergency workers were withdrawn from the plant, and a fire at a fourth reactor spewed large amounts of radioactive material into the air, according to official statements and industry executives informed about the developments." NYT
"Reuters quotes French Embassy saying 'Low level nuclear wind could reach Tokyo in 10 hours.'" - BBC
"In a nationally televised statement, Prime Minister Naoto Kan said radiation has spread from four reactors of the Fukushima Dai-ichi nuclear plant in Fukushima province, one of the hardest-hit in Friday's 9.0-magnitude earthquake and the ensuing tsunami that has killed more than 10,000 people.
'The level seems very high, and there is still a very high risk of more radiation coming out,' Kan said. 'We are making utmost efforts to prevent further explosions and radiation leaks.'" AP
