The Japan Tsunami was not the event that triggered a sell-off. Last Friday, the day after the Tsunami hit, was a relatively calm trading day. What did bring down the markets were concerns over the nuclear power plants. People are afraid of Chernobyl Japanese style. Uranium stocks have been hammered massively, while solar stocks have jumped nicely.
The setback in the Japanese economy will have some effect, but I do think the market is somewhat overreacting to the events. Keep your eyes peeled for a nice drop in your favourite stocks and pick them up at a nice price after the dust settles.
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