1. Yesterday was a weird market session as we dropped initially with someone buying big chunks of QQQ puts right in the opening which drove the ISE call/put ratio to 30 levels which is an super-extreme level and despite the fact that markets closed up ISE closed at 74 still an extreme level of puts. We did not close above important thresholds yet as the gap in the NDX is still not closed and the SPX remained below the 55 MA. Today will be crucial as we need to close lower otherwise the waves will have to be readjusted for a complete different picture. As we are entering the window dressing soon plus month 8 in April a retest of the highs might be in the cards but I rather would be surprised looking at all the trouble we have around the world but the ruthless bull campaign charade by the FED and some of their bankster allies is ready for anything as they have full support by the Obama administration ( all run by the same people after all ).
The Nikkei looks like a repetition of the flash crash a fast recovery but we have to drop to the lows once again – same is true for the YEN as it needs to drop once again to the capitulation level at 77. Since the situation in Fukushima is getting worse an escalation is likely unfortunately.
Fukushima Deteriorates Again As Steam Now Rising From Reactor 1 For First Time, Including All Other Reactors; Reactor 5 Cooling Fails
Submitted by Tyler Durden on 03/23/2011 22:25 -0400
Not an hour passes without something material developing in Fukushima. Just out from NHK: all four broken reactors are now smoking. While 2, 3 and 4 have all issued smoke or steam at some point in the past, it is now Reactor 1’s turn. From NHK: “An NHK helicopter crew has confirmed what appears to be steam rising from No. 1, 2, 3 and 4 reactor buildings at the troubled Fukushima Daiichi nuclear power plant. This is the first time that steam has been seen coming out of the No.1 reactor. The helicopter crew was filming from a location more than 30 kilometers from the plant shortly before 7:00 AM on Thursday.” It was not all bad news: “The Tokyo Electric Power Company says that black smoke seen rising from the No.3 reactor building on Wednesday was no longer visible as of 6:00 AM Thursday.” It is unclear if the radiation level had dropped enough to where workers could resume their attempt to reactive the cooling stations at Fukushima.
And more bad news, this time from Reactor 5, which was previously considered safe, via the NYT:
The cooling system at Reactor No. 5, which was shut down at the time of the earthquake and has shown few problems since, also abruptly stopped working on Wednesday afternoon, said Hiro Hasegawa, a spokesman for Tokyo Electric….“When we switched from the temporary pump, it automatically switched off,” he said. “We’ll try again with a new pump in the morning.”
In the meantime, the Nikkei continues to once again diverge from the utter lunacy that is the US stock market.