Arnie Gundersen is freaking me out! Gundersen is no tin-foil hat guy, he’s the chief engineer of energy consulting company Fairewinds Associates and a former nuclear power industry executive who served as an expert witness in the investigation of the Three Mile Island accident. Gundersen has said that the U.S. nuclear industry and regulators need to reexamine disaster planning and worst-case scenarios, especially in reactors such as Vermont Yankee, which have the same design as the crippled nuclear plant at the center of the 2011 Japanese Fukushima nuclear emergency. Vermont Yankee and similar plants are vulnerable to a similar cascade of events as in Japan.
The Nikkei had fallen down to 8,227 from 10,678 (23%) at the quake and has since recovered 10,017 on May 2nd but was back to 9,648 on Friday (3.6% off the bounce) and the 50 dma has now formed an aptly-named "death cross" below the 200 dma. Japan is already on the hook for $124Bn from the earthquake and will also have to cover TEPCO’s $31Bn (so far) liability as the alternative is let the country’s biggest energy supplier go bankrupt and that would be lights out on their economy.
Warning: Do not watch this video on a full stomach:
Accident is a funny word isn’t it? With 435 active plant and 250 more under construction, even if they are 99.9% safe, that would still mean we get an accident like this every year. Hopefully they are 99.99% safe and we only have a major catastrophe every 10 years – wouldn’t that be nice but, so far, that’s not the case as we’ve had about 16 in 50 years with 9 of those considered "major." So accident applies to this situation in the same way…
Leaked water believed contain radation in a photo released by Tokyo Electric Power Company on April 2.
Sawdust. It’s not the first thing most people would choose to put between themselves and highly contaminated radioactive water. But a mixture of sawdust — ogakuzu in Japanese — with chemicals and shredded newspaper is precisely what nuclear safety authorities and power plant officials turned to in trying to plug a 8-inch crack in a shaft near reactor 2 at the Daiichi nuclear power plant in Fukushima over the weekend.
Unfortunately, like the concrete they tried before it, the sawdust didn’t work, and as of Monday, the flow of irradiated water into the sea from the shaft continued unabated. “We have not succeeded yet,” Ken Morita, director of the international affairs office at Japan’s Nuclear and Industrial Safety Agency (NISA), acknowledged to TIME on Monday morning. “We will try again today.”
What will they try next? For the past three weeks, that has been the question hovering in the irradiated air above Fukushima, where each passing day seems to bring a new and unprecedented challenge for the ebattled Tokyo Electric Power Company (TEPCO) to shut down the reactors at the Fukushima nuclear power plant safely.
Since Saturday, when TEPCO announced that workers had detected radioactive water flowing directly into the ocean, the crisis of the hour has been stopping and mitigating the impact of the newly found leak. On Saturday, NISA said it had found seawater about 25 miles south of Fukushima contained twice the normal limits of radioactive iodine. Officials say dye has now been added into the water to be able to trace the movement of leaked radioactive particles, and that workers will be setting up a physical barrier near the plant to try to stop their flow out of the direct area. “There are many important things to do, but in this current situation, many people are focusing on stopping the outflow,” says Morita. “Many options are now under consideration but we have not decided on anything.”
That kind of opacity — whether a symptom of sheer improvisation or a more calculated attempt to cloak the severity of an unsolved problem — has not won TEPCO, or the Japanese authorities, any fans in the international nuclear community. Without more information about what is happening at the crippled plant, nuclear experts outside
Radiation levels that can prove fatal were detected outside reactor buildings at Japan’s Fukushima Dai-Ichi plant for the first time, complicating efforts to contain the worst disaster since Chernobyl in 1986.
Water in an underground trench outside the No. 2 reactor had levels exceeding 1 sievert an hour, a spokesman for plant operator Tokyo Electric Power Co. told reporters in the capital yesterday. Exposure to that dose for 30 minutes would trigger nausea and four hours might lead to death within two months, according to the U.S. Environmental Protection Agency.
Preventing the most-contaminated water from leaking into the ground or air is key to containing the spread of radiation beyond the plant. A partial meltdown of fuel rods in the No. 2 reactor probably caused a jump in the readings, Japan’s chief government spokesman said.
“There’s not much good news right now,” said Gennady Pshakin, a former IAEA official based in Obninsk, the site of Russia’s first nuclear power plant. “There’re questions arising on how much fuel will leak out, what isotopes will be carried and how quickly they will settle. It’s becoming less predictable.”
Tokyo Electric Power Co. found plutonium in soil samples taken near the stricken Fukushima Dai- Ichi nuclear plant a week ago, the company said.
The presence of plutonium outside the plant means there’s been degradation of the fuel in at least one of the six reactors, Denis Flory, deputy director general of safety at the International Atomic Energy Agency, said yesterday at a press briefing in Vienna. Tokyo Electric can’t determine which reactor emitted plutonium, Vice President Sakae Muto said in a briefing shown on a webcast.
The contamination “shouldn’t have any effect on human health,” Muto said.
Soil chemistry may determine whether the plutonium can spread from the site, Edwin Lyman, a radiological specialist for the Union of Concerned Scientists, said on a conference call. Some compounds formed by plutonium are water soluble, and some aren’t, he said.
IAEA Director General Yukiya Amano said there are “mixed signals” coming from emergency repair efforts at Fukushima. “The situation continues to be very serious,” Amano said in Vienna yesterday.
"That concerns me," says one of our nation’s top monetary strategists. The regional bank chief said he personally surveys about 50 businesses, more than most of his colleagues at the Fed, and that the position on prices is “without exception, in every sector in every size, whether they’re public or private.”
While I guess we should applaud Fisher for being the first Fed Governor to recognize inflation in our economy – I suppose I should also point out to the Fed that there is a preponderance of evidence that indicates, at this point, that the Earth is not flat – just to help them get caught up with the rest of us. Still Fisher is somewhat of a prodigy among the slim pickings we have when selecting from Fed brains:
Barring some extraordinary circumstances I cannot foresee, I would vote against the QE3 or even a tapering of the current program. I don’t think it’s necessary, It’s now up to the fiscal authorities to provide the right incentives for businesses to hire more American people, Our job is done. Now the pressure and the job is in the hands of our elected representatives who have the only power to tax and to spend.
TAX and spend?!? Oh no he didn’t! That’s Liberal Commie talk if ever I heard it and, if the Fed is going to base their own policy on the assumption that this Government will either tax OR spend – then we are already doomed because the Keynesians left the building last November and are unlikely to be invited back in until we have our own nuclear melt-down to throw money at (or if the banks need money, of course).
This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible. Feel free to contact me directly at email@example.com with any questions.
Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.
We are both by design and by culture inclined to be anything but humble in our approach to investing. We usually invest on the basis that we're certain that we've picked winners, we sell in the certainty that we can re-invest our capital to make more money elsewhere. We are usually wrong, often extremely wrong.
These tendencies come partially from hard-wired biases and partly from emotional responses to the situations we perceive ourselves to be in. But they also arise out of cultural requirements to show ourselves to be decisive and thrusting; we rarely reward those who show caution in the face of uncer...
The S&P 500, not surprisingly, remained subdued in advance of the 2 PM Fed action, which included the FOMC statement and a separately released set of economic projections (PDF format). The trader gaming began about 15 minutes before the statement was released and continued through Chair Yellen's 2:30 PM press conference. After the Fed inspired volatility, the index closed with a small gain of 0.13%.
The yield on the 10-year Note closed at 2.62%, up 2 bps from yesterday's close. It is now 28 bps above its 2014 low.
Here is a 5-minute chart of that illustrates today's fast trade gamesmanship.
BOTTOM LINE: There were few surprises from Fed Chair Yellen's post-FOMC press conference.
1. Yellen made two slightly dovish remarks on labor market developments. First, she stated directly that she felt the slow increase in wages was indicative of labor market slack. Second, she said that her own personal view was that there was a "meaningful" cyclical shortfall in participation, when asked about a recent paper by some Fed authors indicating otherwise.
2. On the topic of "considerable time," Yellen declined to provide any specificity on what the phrase means ...
If GOOGLE, the NSA, and Bill Gates all got together in a room with the task of building the most accurate trading algorithm… it wouldn’t just be any ordinary system… it’d be the greatest trading algorithm in the world.
Well, I hate to break it to you… they never got around to building it, but my colleagues at Market Tamer did.
Although the stock market displayed weakness last week as I suggested it would, bulls aren’t going down easily. In fact, they’re going down swinging, absorbing most of the blows delivered by hesitant bears. Despite holding up admirably when weakness was both expected and warranted, and although I still see higher highs ahead, I am still not convinced that we have seen the ultimate lows for this pullback. A number of signs point to more weakness ahead.
In this weekly update, I give my view of the current market environment, offer a technical analysis of the S&P 500 chart, review our weekly fundamentals-based SectorCast rankings of the ten U.S. business sectors, and then offer up some actionable trading ideas, including a sector rotation strategy using ETFs and an enhanced version using top-r...
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The CBOE Vix Index is in positive territory on Friday morning as shares in the S&P 500 Index move slightly lower. Currently the VIX is up roughly 2.75% on the session at 13.16 as of 11:35 am ET. Earlier in the session big prints in October expiry call options caught our attention as one large options market participants appears to have purchased roughly 106,000 of the Oct 22.0 strike calls for a premium of around $0.45 each. The VIX has not topped 22.0 since the end of 2012, but it would not take such a dramatic move in the spot index in order to lift premium on the contracts. The far out-of-the-money calls would likely increase in value in the event that S&P500 Index stocks slip in the near term. The VIX traded up to a 52-week high of 21.48 back in February. Next week’s release of the FOMC meeting minutes f...
Despite the various opinions on Bitcoin, there is no question as to its ultimate value: its ability to bypass government restrictions, including economic embargoes and capital controls, to transmit quasi-anonymous money to anyone anywhere.
Opinions differ as to what constitutes "money."
The English word "money" derives from the Latin word "moneta," which means to "mint." Historically, "money" was minted in the form of precious metals, most notably gold and silver. Minted metal was considered "money" because it possessed luster, was scarce, and had perceive...
Author Helen Davis Chaitman is a nationally recognized litigator with a diverse trial practice in the areas of lender liability, bankruptcy, bank fraud, RICO, professional malpractice, trusts and estates, and white collar defense. In 1995, Ms. Chaitman was named one of the nation's top ten litigators by the National Law Journal for a jury verdict she obtained in an accountants' malpractice case. Ms. Chaitman is the author of The Law of Lender Liability (Warren, Gorham & Lamont 1990)... Since early 2009, Ms. Chaitman has been an outspoken advocate for investors in Bernard L. Madoff Investment Securities LLC (more here).
Reminder: Pharmboy is available to chat with Members, comments are found below each post.
Well PSW Subscribers....I am still here, barely. From my last post a few months ago to now, nothing has changed much, but there are a few bargins out there that as investors, should be put on the watch list (again) and if so desired....buy a small amount.
First, the media is on a tear against biotechs/pharma, ripping companies for their drug prices. Gilead's HepC drug, Sovaldi, is priced at $84K for the 12-week treatment. Pundits were screaming bloody murder that it was a total rip off, but when one investigates the other drugs out there, and the consequences of not taking Sovaldi vs. another drug combinations, then things become clearer. For instance, Olysio (JNJ) is about $66,000 for a 12-week treatment, but is approved for fewer types of patients AND...
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