Warren Buffet recently wrote that he was on the hunt for large acquisitions with his elephant gun. With this morning's $9 billion purchase of Lubrizol he put his money where his pen was. While one can debate the how wise of a move paying up for Lubrizol was, the acquisition should have a positive effect on the overall market.
I believe that, in the short run, the tragic events in Japan will have a neutral to positive effect on the rest of the world's economy. Japan will need to rebuild, which should give a short term boost to GDP. Some production capacity in Japan has been taken off line, benefiting producers in other countries. In the short run the effects on markets could be negative as the Japanese are repatriating assets in order to rebuild.
If the market is weak in the coming days I believe the weakness could be bought. While we are not set up for a great rally, we are headed into the strongest month of the year with some of the excesses having been removed from the market.