Wednesday, August 24, 2011
THERE WAS SOMETHING ABOUT YESTERDAY
I thought I'd add a part two to my posting yesterday and provide more details.
2. Next week, Seiji Maehara, all of 49 years old, will most probaby become the next Prime Minister of Japan, replacing Naoto Kan. He was born just as I was graduating from Stanford. He hates China and likes the USA. Maehara is a Kyoto University law graduate. He almost beat Kan to lead the country in 2005, and is probably glad he now has this later opportunity to take command when the country is in almost total despair.
3. While California has faced 50 earthquakes greater than 5.8 over the past century, that Virginia 5.8 and Colorado 5.3 made headlines because they are so rare in those regions. This was the biggest in the East Coast in 67 years. Keep in mind that on an energy released basis, the 9.0 Great Tohoku Earthquake was more than a million times more powerful than the Virginia 5.8.
5. Hurricane Irene looms large, but is apparently, projected to move further east. Two days ago, the centerline of models was over Myrtle Beach, yesterday it was Greenville, and today...read below.
The Dow Jones Industrials surged 144 to 11,321, with European markets up and the Orient down. Gold, though, is crashing, down $104/toz to $1757. On 22January1980, gold fell $150/toz. As gold then was only $850, that 18% free fall was much higher than the "puny" 5% today. Oil is stable, with the Brent Spot at $111/barrel and WTI Cushing at $85/barrel. Surprising that the Libyan victory for NATO did not have any effect.
Nanmadol east of the Philippines, will become a Category 3 and head for Okinawa. For now, the concern is Hurricane Irene, now at 120 MPH:
Irene will strengthen to Category 4 tomorrow, but appears to be shifting a bit east. Virginia Beach will get mammoth sized waves. The eye itself will not actually make landfall until, possibly, Connecticut, with New York City getting a beating from wind, rain and waves.
Keep in mind, though, that this is a really large hurricane, and much of the Carolinas and states along the Eastern Seaboard will suffer from rain and winds.