Dow -296 at the open and not a buyer in sight. Fortunately the tables turned but there was still a lack of conviction.

I was expecting a rebound on Wednesday on the resolution of the nuclear problem in Japan but the futures have traded in a 15 point range tonight from -9 to +6 and now back to -4. It looks like the selling pressure may not be over.

Pushing the futures lower was late news that radiation had spiked at plant #4 in Fukushima and work on the cooling system had to be halted. Earlier in the evening it had been reported that the other three reactors had finally been halted and were cooling and work on number four was proceeding and it was expected to be cold by morning. Apparently something changed.

I was going to add a couple plays tonight but due to the fluctuating futures and the potential for another rocky day I am going to hold off until Wednesday evening.

Jim Brown

Current Portfolio

No Open Positions