I am not sure which way the markets will go. Hard to say, the markets were already long into this uptrend and were due for some kind of correction, and with the Japan disaster along with high energy prices, I think this could be the one two punch to bring it down. Considering they are the 3rd largest economy in the world and we do sell and buy quite alot from them, it can have a detrimental affect to our economy.
However, it could work to the advantage of the US and European markets as money was already flowing out of the markets in the Middle East to US and European markets and now with Japan getting hurt like this, it could affect earnings in the Pacific Rim. The money flow to US and European markets may increase as they will be hurt less by what has happened. Also, money was flowing primarily into the US markets because of the proximity to the Middle East of the European nations and the affect it would have on them more than the US with higher energy prices.
So many variables, but this really could be seen more as a positive to US markets than a negative on one hand and just the opposite on the other. [i]Currently the futures do point to a down day.
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