Reality. The reactors in Japan seem to be at low risk of full meltdown. Barring another huge quake and tsunami the impact on the markets in Japan and around the world is likely to be very small. Japan’s economy can easily handle the cost and it hasn’t taken long for the financial news companies to begin reporting on the potential positives of a spending spree to rebuild.
As far as the US is concerned, we had already seen a top and according to Investors Business Daily, had already moved into a full correction. Based on normal activity we may even be halfway through. Except for the sharp downturn in the Japanese markets based on fear of melting nuclear power plants, there has been little effect so far. It’s amazing how much the human population can absorb.