Watch NHK World Live in English (#Fukushima Information #Japan)

Watch NHK World live via Ustream after the jump. I also added the live #fukushima tweet stream. There's an emergency at the nuclear power plant that was damaged by the earthquake.

Breaking news at Reuters: "CNN Breaking News: "We are assuming that a meltdown has occurred" at a nuclear power reactor, Japan's chief Cabinet secretary says." (Reuters Live Blog).

E-mini S&P, Nikkei, Oil Down After Tsunami Hits Japan, ZB Tipped Off ES Earlier (Treasuries/S&P)

E-mini March S&P (barchart.com)
Early Morning Update: Tsunamis striking Japan, a 'Day of Rage' planned in Saudi Arabia (non-event?) and sick looking charts (technicals) are putting pressure on markets worldwide. Japan's NIKKEI 225 Index closed at 10,254 today, -1.725%, and the March E-mini S&P future (ESH11) is currently at 1286.25, -0.62%. For information on the tsunamis read this post from a few hours ago. The March E-mini S&P future looks like it could test 1,200-1,225 when looking at the chart. The levels coincide with the April and November 2010 peaks. Click the chart to your left for a larger view.

Oil is getting killed this morning and I think the market likes that. April crude is down 2.91% at $99.72 and ES is now only down 0.19%. The second chart shows how T-Bonds predicted the S&P's correction (imo). Look how they rose in tandem in the beginning of February, but suddenly diverged when the S&P put in its blow off top, DeMark style (S&P went down/T-Bond went up).

Video: Tsunamis Hit Japan After 8.9 Earthquake, Fukushima Nuclear Plant Affected (Updates)

Tsunami wave that hit Japan
Multiple tsunamis hit Japan, northeast of Tokyo, after an 8.9 magnitude earthquake struck a few hours ago. I saw it live on NHK World in Japan (see videos below). It was surreal. There are tsunami warnings or advisories now in effect for Hawaii, California, Alaska etc. Go to *Weather.gov Tsunami Warnings or NOAA.gov for information. You can watch NHK World live in English below after the jump via Ustream. DV hopes people are alright in Japan.

Fukushima via EPA/Tokyo Electric Power
More information and links: National Weather Service Tsunami Warnings, Earthquake.USGS.GovJapan Meteorological Agency, West Coast and Alaska Tsunami Warning Center, Pacific Tsunami Warning Center, Hawaii State Civil Defense, 2011 Japanese Earthquake and Tsunami (Google Response). I also embedded Youtube videos of the tsunami. Below is a live twitter search widget for #Japan. The Fukushima nuclear power plant (Tokyo Electric Power - TEPCO: press releases) was damaged by the earthquake and there's risk of a meltdown. Read the articles below. Also check out live #fukushima and #tsunami, #earthquake twitter searches.

Updates (ending 3/12/2011)
Nuclear Experts Explain Worst-Case Scenario at Fukushima Power Plant (ScientificAmerican)
US Nuclear Experts Worry About Possible Japan Reactor Meltdown (VOA News)
Japan Faces ‘Another Leg Down’ in Fiscal Health as Earthquake Toll Mounts (Bloomberg)
US deploys nuclear experts to Japan to avoid meltdowns at 2 nuclear stations (DiscoveryNews)
Japan's Fukushima nuclear plant faces new reactor problem, Fukushima Daiichi No. 3 (Reuters)
Health risk from Japan reactor seems quite low: World Health Organization (WHO, Reuters UK)
The ¥4.3 Trillion Japanese Government Earthquake Liability Cap: Mechanics Of Japanese Earthquake Re-Insurance (Zero Hedge)
"4.4million homes without electricity, 1.4million with no water, 820k phonelines down" (Al Jazeera Blog)
The Destructive Power of Tsunami Waves (New York Times)
Japan nuclear mishap 'among worst ever' (SkyNews)
Explosion Rocks Japan Nuclear Plant After Quake (NYT) -CNN video below
9,500 in one town are unaccounted for -Kyodo (CNN)
Japan warns of meltdown at quake-hit nuclear reactor (MarketWatch)
More than 1,000 dead or unaccounted for in megaquake (Kyodo News)
20-meter displacement in 500-km fault seen as cause of Japan quake (Kyodo News)
Japan quake causes emergencies at 5 nuke reactors (AP)
Nuclear Expert: "Fukushima Has 24 Hours To Avoid A Core Meltdown Scenario" (Zero Hedge)
Snap analysis: Japan may have hours to prevent nuclear meltdown (Reuters)
Japan nuclear plant conditions worsening, local media reports (LA Times)




Saudi Police Fire at Protest (Disperse Rally), 'Day of Rage' is Tomorrow (Tweet Reactions, Articles)

Saudi Arabia updates (ending 3/18/2011). Watch out for volatility in the Middle East. Watch the live twitter search widget I embedded below with the #Saudi hashtag for updates.

*Update 3/18/2011: Saudi role in Bahrain brings regional stakes (Iran) (AP)
*Update 3/18/2011: Saudi troops break up (Bahrain intervention) protests with force (PressTV)
*Update 3/18/2011: Saudi king offers cash and reforms in rare speech (AP)
*Update 3/14/2011: Saudi Arabian forces prepare to enter #Bahrain after day of clashes (Guardian)

*Update 3/12/2011: "RIYADH, Saudi Arabia — Several hundred people protested in at least four locations in Shi’ite-dominated eastern Saudi Arabia yesterday, but hundreds of police in the country’s capital prevented rallies calling for democratic reforms." (Boston.com/AP)

Witnesses: Saudi forces fire on protesters, injure 3 (CNN)
Saudi Arabia prepares for 'day of rage' protests (BBC News Video)
Saudi Police Open Fire To Scatter Protesters, 3 people injured in Qatif (SkyNewsVideo)
Saudi protest dispersed by police, shots heard (Reuters)
Saudi police open fire at protest (Washington Post)
Saudi Arabia unrest: a blogger's view by Ahmad Al Omran (Guardian)
Quatif: Saudi Arabia police 'fire at rally' (Al Jazeera English)
Police fire on protesters in Saudi Arabia (thejournal.ie)
Saudi Arabia Police Break Up Rally in al-Qatif, Activist Says (Bloomberg)
Revolution Not Headed for Saudi Arabia (Carnegie Endowment)
Ahead of Protests, Experts Say Saudi Turmoil Unlikely (National Journal) h/t Business Insider
Protests called Friday in Saudi Arabia - March 11, 2011 (CNN)
Saudi police open fire at protest (AP)
Reports of Saudi clash, swooning stocks lift VIX (MarketWatch)
What Has To Happen For $200 Oil - Nomura (Middle East) - Leaked Research h/t theback9


Live reactions on Twitter (searching top tweets with #Saudi hashtag)



*BBC covered the non-event, when officers and soldiers flooded the streets (video below).

E-Mini Nasdaq 100 Future Broke Its 50 Day Moving Average (Charts)

The March Nasdaq Future (NQH11) broke through its 50DMA and pierced symmetrical triangle support. It could lead the S&P lower if there's follow through. I'll chart out $SPY, $QQQQ, $DIA and $IWM tomorrow. You can chart out futures on the web for free at barchart.com. Keep an eye on oil, Saudi Arabia and Libya (monitor live tweets).

E-Mini Nasdaq 100 - NQH11 (direct source: barchart.com)


E-Mini S&P 500 - ESH11 (direct source: barchart.com)

Protesters Occupy Wisconsin's Capitol (Live Video, Youtubes)

Kicking the Hornet's Nest
source: markonf1re Flickr 
Protesters took over Wisconsin's State Capitol after Senate Republicans passed an anti-union bill. Here's what happened.
"Republican senators in Wisconsin Wednesday night maneuvered around Democrats to pass legislation (18-1) stripping public employees' unions of collective-bargaining rights, setting the stage for other states to pursue similar steps in one of the broadest challenges to organized "labor in decades" read more at WSJ 
Governor Walker is taking drastic measures to close Wisconsin's budget deficit.
"His state is braced with a $137 million budget shortfall for the fiscal year ending June 30 and a projected $3.6 billion gap over the next two years." read more at CSMonitor

The UpTake has a live video stream from inside the Capitol which I embedded below (hat tip zerohedge). Watch out for a nationwide general workers strike. That could do some damage.

Interesting history: "The textile workers' strike of 1934 was the largest strike in the labor history of the United States at the time, involving 400,000 textile workers from New England, the Mid-Atlantic states and the U.S. Southern states, lasting twenty-two days" (read more at Wikipedia, h/t pdenlinger).

Saudi Oil Minister: Crude Not Supported By Supply-Demand But Financial Speculation

Saudi Oil Fields (source: EIA)
The press release below, released by the Saudi Embassy in Washington DC, was tweeted out by @SaudiEmbassyUSA today. It's pretty clear that speculators are dominating the oil market on concerns that political unrest could spread to Saudi Arabia.

For example: "Oil Options ‘Bullish’ as Volatility Rises, Futures Above $105" (Bloomberg) and "Saudi Arabia's `Day of Rage' Lures Record Bets on $200 Oil: Chart of Day" (Bloomberg). And there's violence in Yemen today: "#Yemen security forces fire on protesters, injuring at least 65 people -- Al-Jazeera" (h/t pdacosta).

However, OPEC could intervene to lower prices: "Kuwait's oil minister said OPEC was considering a production boost as war-torn Libya's output remained disrupted and the region's unrest fueled concerns about more supplies being cut off." (Reuters). I read that the U.S. might tap the Strategic Petroleum Reserve, but Total's CEO said that could "drive energy prices higher" (CNNMoney).

David Tepper (Appaloosa Management) and Larry Fink (BlackRock) have already acknowledged oil risk. And now Nouriel Roubini: "Roubini Sees Double-Dip Recession for Advanced Economies If Oil Hits $140" (Bloomberg). April crude oil is down 0.64% at $104.76.

"March 8, 2011

[Washington, DC] – His Excellency Minister Ali Al-Naimi, the Minister of Petroleum and Mineral Resources for the Kingdom of Saudi Arabia discussed recent concerns surrounding crude oil prices and reserves in an interview with the Saudi Press Agency. During the interview, he outlined the ways the Kingdom is working to ensure stability in the oil market and discussed the recent surge in prices.

David Tepper's Concerned About Middle East Risks (#Oil #SaudiArabia)

Institutional Investor had an interesting story on David Tepper yesterday, the founder of hedge fund Appaloosa Management (hat tip Pragmatic Capitalist). He's still bullish on the U.S. economy, but is concerned that political unrest could spread to the Middle East, mainly Saudi Arabia, and disrupt oil supplies. That makes sense. There's a "day of rage" protest planned for March 11 (Tehran Times). Or it's postponed until Monday (UPI). From Institutional Investor:

"Even so, Tepper has reduced his risk somewhat in response to recent global political developments. He has taken down his P/E estimate from 15 to 14 1/2 times and at the beginning of March removed all leverage."

"However, he is seemingly most concerned about developments in the Middle East. Tepper is said to be especially concerned about Saudi Arabia. Sources say if the oil fields in Saudi Arabia are burning, Tepper would react to that by selling and going heavily into cash."

Recent interviews from CNBC on blog:

Tepper: Dean Foods Undervalued, Cautious and Optimistic on Stocks (DF, SPY) CNBC Video 1/26/2011

David Tepper's Bullish Bet on the Fed's Economic Put (QE2-3-4) CNBC Video that sparked "Tepper Rally", 9/24/2010

Recent post on Saudi Arabia:

Libya Unrest, Saudis Protest Arrest of Sheikh Tawfiq Al-Amer (Videos, *Live #Libya and #SaudiArabia Twitter Search Widgets) 3/4/2011

Bill Gates' TED 2011 Speech: State Accounting Tricks, Healthcare and Education Spending

Bill Gates gave an interesting speech at the 2011 TED conference on state budgets, healthcare and education spending trends. He mentioned that states use government accounting tricks to balance their budgets (pension accounting) that would make Enron blush. Wow. Watch the video after the jump. I added two slides on healthcare trends from his presentation.

Bob Prechter is Bearish on Stocks, Silver and Oil, Likes Dollar (2/25/2011)

Robert Prechter, president of Elliott Wave International, was featured on Tech Ticker on 2/25/2011. The last time I featured Prechter was on 8/12/2010, when he was bearish on stocks and bullish on the US Dollar. Since then, the market rallied hard during QE2 and the $USD declined, but he still hasn't changed his views. In fact, Prechter noted that investor optimism in stocks is at an extreme not seen since 2007, when the stock market peaked. Prechter is confident that the S&P 500 is in a cyclical bull market within a structural bear market. Watch the video after the jump with links to 2 and 3.

  • "AAII (American Associate of Individual Investors) 10 week average of the % of bulls - % of bears is above where it was at the peak in 2007 for the stock market" 
  • "Advisors (Investors Intelligence) on a 10-week moving average are also higher than they were in 2007, meaning they are more optimistic or have been over the past 10-weeks"
  • "Futures traders hit 93% (98% bearish 2 years ago at the bottom)"
  • "I think we are nowhere near the end to the bear market." (he said the stock market could make a new low)
  • "Oil has hit not only 97% bulls (daily sentiment index) but the last time it hit that number was the first week of July 2008 just before it crashed 78%. It has also retraced 62% of its crash decline since 2008, and it's on news...."

Eric Sprott: Between ETFs, You and Us, There's No Silver Left (PSLV, SLV)

Eric Sprott, CEO of Sprott Asset Management, gave a presentation on gold and silver at the Fall 2010 Casey Research Gold & Resource Summit. The video shows slides as well. Sprott's firm started an exchange traded physical silver trust (ticker symbol: PSLV) and a physical gold trust (PHYS). It appears that market participants have cornered the silver market.

Sprott Phsyical Silver Trust ETF
($PSLV Stockcharts.com)
"One of the statistics that I fully agree with is the availability of gold versus silver. I use the number $6 trillion as the amount of gold that's available in the world. And the amount of silver that's available in the world is about $22 billion. A billion ounces of silver at $22, of which the ETFs already own half, and between you guys and us, we probably own the other half. Which means there's nothing left".

After the jump watch the full video courtesy of Casey Research and see a chart of 24 Hour Silver Spot and London PM Fix 1985-Present via Kitco.