Daily Market Analysis

Down 2% in a single day!...And with great volumes.Seems like the bears are coming..

Market moving Factors:

• Fear gripped the US market due to Japan's nuclear situation


• Weak economic reports from the US front


• Strengthening of the Japanese Yen causing the greenback to face major losses


• The VIX futures rose to multi-month high


• Housing starts and building permits for february fall sharply


• PPI spiked more than expected

NYSE Advancers 703 Decliners 2323 Vol 1.46 bln

Nasdaq Advancers 730 Decliners 1899 Vol 2.58 bln


Never seen a this sort of a converted session between the TICK and the TRIN for some time.There's conviction to bring down the market.The PPT should be getting ready by now.

Asian Front

***Markets Snapshot (as of 04:30GMT)***
- Nikkei225 +4.4%
- S&P/ASX +0.9%
- Kospi +1.1%
- Taiex +1.0%
- Shanghai Composite +0.4%
- Hang Seng -0.4%
- Mar S&P Futures -0.1% at 1,279
- Apr Gold +0.2% $1,397/oz
- Apr Crude oil -0.1% at $97.10/brl
- Apr Brent -4.8% at $108.18
- May Copper +1.1% at $4.18


Japan update:
There has been a sharp increase in food prices since the earthquake, press photos showing empty shelves at many stores. Rail service is returning to normal though fuel is still in short supply. Fukushima plant reactor no.4 shows signs of a crack in the roof of the reactor, two workers now missing following the explosion earlier in the day; Fires reported. Fuel rod damage at No.1 reactor seen at 70%; No. 2 reactor at 33% according to Japan Press citing Tepco. Workers at Fukushima were evacuated due to high radiation levels and persistent white smoke was seen coming from the no. 3 reactor. Moody's: Warns it may be more aggressive in anticipating a tipping point in Japan's fiscal state through a ratings action. Japan conducted more same day liquidity operations injecting a total of ¥5T into the markets. The Govt affirmed it would not increase taxes to pay for the earthquake though Nikkei said it may shift ¥220B budgeted for child care allowances and highway toll subsidies toward earthquake relief.

Pray that it'll not get worst.