Another Chinese Fraud? DEER

Unbelievable.

A top army commander has defected to rebel opposition.

The Dow is up 200, led by advances in banks and tech.

Additionally, beaten down uranium stocks are surging, led by gains in CCJ, DNN and URG.

Gold and silver are both moderately higher, 1-2%,

$24.22.

Refiners to watch: VLO, WNR, ALJ, DK, TSO, HOC, MRO

Negative outlooks assigned. Shocker.

Deal valued at about $1 billion. The OptionsXpress shareholders will receive 1.02 shares of Schwab stock for each share of optionsXpress stock.

A confluence of positive news is lending to a buying frenzy in futures, now up more than 1%.

Dow futures are now 112 points above fair value.

Things are definitely looking better. All 6 nuclear reactors are now rigged to power lines.

The $39 billion deal announced yesterday will generate significant investment banking and consulting fees. This is a JPM deal. However, both GHL and EVR will be used as consultants for T.

“If I owned Japanese stocks, I would certainly not be selling them because of the events of the past 10 days or so. “Something out of the blue like this, an extraordinary event, really creates a buying opportunity.”

Buffet is visiting South Korea, one of his favorite “hunting grounds.” He has lots of money to invest and he is interested in very big companies. South Korea has plenty.

Troubled nuclear plant #3 may have to be vented, in order to reduce pressure.

Related: there are reports of an operator at one of the plants being exposed to significant levels of radiation.

After advancing all last week, crack spreads are strengthening again this evening, now up more than 3.2% to $24.10. Disruptions in oil supplies, coupled with loss of refining capacity in Japan, has created an environment where refining margins have exploded to the upside.

Typically, spreads widen this time of year anyway, as the driving season kicks off.

NOTE: Crack spreads were $12 in the beginning of 2011.

Hong Kong is up 1.3%, Korea up 1% and Taiwan up almost 1%, as risk is laughed at like errant Tomahawk missiles with mustaches on them.

Crude is up nearly $2 and S&P futs are up 9.

Total cost: $122 to $235 bill

“If history is any guide, real gross domestic product growth will be negatively affected through mid-2011.” Growth should though pick up in subsequent quarters as reconstruction efforts, which could last five years, accelerate.” –Talking head from World Bank

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Sony is opening a rechargeable battery plant and Nissan is opening up 6 factories and vehicle assembly.

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S&P futs are up 5, crude is up $2 and crack spreads are up 1%, nearing $24.

Related: the situation is improving in Japan, but far from resolved. Things could change rapidly.

Related: cruise missiles targeted Ghaddafi’s compound.

Update: rumors floating around that Ghaddafi’s son, Kames, has died.

Total shutdown of Libyan oil exports is obviously bullish for crude.

Related: Futures open higher, as investors do lines of cocaine off Tomahawk cruise missiles.

Developing…

Kucinich wants to discuss impeaching Obama over missile strikes on Libya.

“They consulted the Arab League. They consulted the United Nations. They did not consult the United States Congress,” one Democrat lawmaker said of the White House. “They’re creating wreckage, and they can’t obviate that by saying there are no boots on the ground. … There aren’t boots on the ground; there are Tomahawks in the air.”

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Those opposing Ghaddafi are claiming more than 8,000 rebels have been killed thus far.

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