After a down open, the market drifted through Friday’s lows in the morning before bouncing in the afternoon. As expected, there was no conviction to the moves in the market today as investors continue to evaluate the longer-term implications of the Japan earthquake. Concerns remain about potential meltdowns at three Japanese nuclear facilities, and some economists believe the massive rebuilding project facing the world’s third largest economy could crimp the recovery.
Concerns about the nuclear reactors in Japan triggered a harsh sell-off in uranium-related stocks today, which was mirrored by a sharp rise in solar stocks. It will also be interesting in the coming weeks to examine companies that could benefit financially from the rebuilding project. If the market cannot get any downside follow-through tomorrow, we could definitely see another period of range-bound trading until the world sorts through the latest wave of calamities.
For more market and stock specific commentary watch T3Live.com’s Daily Recap Video with Scott Redler below.
*DISCLOSURE: Scott Redler is long AMZN, AAPL, SLV, NYX, POT, BIDU, FCX, GLD; Short SPY.
This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by T3 LIVE or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs. Visit the T3Live Homepage, Virtual Trading Floor, and Learn More About Us.
