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The earthquake, tsunami and ensuing nuclear crisis in Japan are capturing headlines around the world. The images of destruction and the live reports from Japan seem to be the only news anyone is paying attention to. Last week, everyone was focused on the situation in Libya and the planned "Day of Rage" in Saudi Arabia which quietly fizzled away. This shows you just how quickly the headlines can change.

While the headlines are still full of negativity, uncertainty, fears over radiation, and the destruction in Japan, I think it makes sense to position your portfolio so that it is ready to take advantage of the coming shift in the headlines. As with all major world events, time will pass and headlines that once seemed inescapable will fade, as new headlines replace the ones that were so dominant. If the issues and news with the nuclear reactors stabilize in the next couple of days, I expect to see the headlines and markets calm down significantly.

I heard a report that bottles of potassium iodide (which normally sells for about $20) are being bid up to over $200 on eBay (NASDAQ:EBAY). There has been a run on these pills from people living in California and the West Coast. To me, this is a sign that it's probably a smart time to buy into the fear that exists right now. In the next couple weeks, the headlines will most likely shift to these upcoming events:

1. Massive stimulus from the Japanese government.

2. An influx of money from insurers, private businesses, and investors into Japan.

3. Headlines of demand and new orders from Japan for building materials, machinery, transportation and other goods needed to replace and rebuild the damage.

4. First quarter earnings reports from U.S. listed companies, which should refocus investors towards the improving economy and corporate profits.

I expect these four headlines to be very positive for the stock markets in general, and I believe these headlines are inevitable. Because of this, it makes sense to consider some of these stocks and ETFs which might be primary beneficiaries of the changing headlines:

Posco (NYSE:PKX) was trading at $105.11 Wednesday. Posco is one of the leading steel companies in South Korea. There will be a surge of demand for steel to rebuild Japan and Posco could benefit in a significant way. These shares have fallen from a 52 week high of $125.97. The 50 day moving average is $105.88 and the 200 day moving average is $105.18. PKX earnings estimates are over $11.44 per share in 2011. This puts the P/E ratio at about 8 which is low for one of the leading steel companies. The balance sheet is strong and the book value is listed at $89.68.

Singapore iShares ETF (NYSEARCA:EWS) shares trade at $12.59 per share. This ETF invests in a variety of companies that are based in Singapore. These companies should see significant demand for products to help rebuild Japan. These shares traded as high as $14.56 in the past year; the low is $10.47. The 50 day moving average is $13.52 and the 200 day moving average is $12.75.

South Korea IQ Small Cap ETF (NASDAQ:SKOR-OLD) shares trade at $27.45 per share. This ETF invests in a variety of small cap companies that are based in South Korea, which could see significant demand for products to help rebuild Japan. These shares traded as high as $32.08 in the past year; the low is $19.74. The 50 day moving average is $30.25 and the 200 day moving average is $27.20.

Japan iShares ETF (NYSEARCA:EWJ) shares trade at $9.65 per share. This ETF invests in a variety of companies that are based in Japan, which would be a direct play on the rebound. These shares traded as high as $11.63 in the past year; the low is $9.15. The 50 day moving average is $11.14 and the 200 day moving average is $10.18.

Powershares Emerging Markets Infrastructure ETF (NYSEARCA:PXR) shares trade at $49.14 per share. This ETF invests in a variety of companies that are infrastructure plays such as Caterpillar (NYSE:CAT) and the engineering firm KBR. These shares traded as high as $54.86 in the past year; the low is $36.22. The 50 day moving average is $52.21 and the 200 day moving average is $47.40.

Jacobs Engineering (NYSE:JEC) was trading at $47.49 Wednesday. Jacobs is a leading engineering and construction company, which should see some demand from Japan. These shares have a 52 week high of $55.73; the low is $34.39. The 50 day moving average is $49.81 and the 200 day moving average is $41.83. Earnings estimates for JEC are about $2.60 per share in 2011.

KBR, Inc. (NYSE:KBR) was trading at $32.67 Wednesday. KBR is a leading engineering and construction company, which could see some demand from Japan. These shares have a 52 week high of $36.12; the low is $19.31. The 50 day moving average is $32.67 and the 200 day moving average is $26.62. Earnings estimates for KBR are about $2.23 per share in 2011.

Foster Wheeler (FWLT) was trading at $32.74 Wednesday. Foster is a leading engineering and construction company, which is likely to see additional demand from Japan. These shares have a 52 week high of $39.75 and the low is $20.33. The 50 day moving average is $36.43 and the 200 day moving average is $28.22. Earnings estimates for FWLT are about $1.79 per share in 2011.

Cemex (NYSE:CX) has pulled back to about $8.50. Cemex is a leading cement and building material maker with operations in Asia. The 50 day moving average is $9.65 and the 200 day moving average is $9.39. CX is estimated to lose about 29 cents in 2011. The book value is reported at $16.32.

Toyota Motor Co. (NYSE:TM) was trading at $80.41 Wednesday. Toyota is a leading auto, truck and forklift maker which should eventually see a surge in demand. The relative strength index is about 28, which indicates this stock is oversold. These shares have a 52 week high of $93.90; the low is $67.56. The 50 day moving average is $86.64 and the 200 day moving average is $76.13. Estimates for TM are about $2 per share in 2011.

I suggest scaling into any positions over time. Averaging into these names over the next couple weeks lets you take advantage of any bad news and market drops. The ETFs give you more safety through diversification.

The data is sourced from Yahoo Finance. The information and data is believed to be accurate, but no guarantees or representations are made. I am not a registered investment advisor and do not provide specific investment advice. The information contained herein is for informational purposes.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 10 Stocks Likely to Benefit From Changing Headlines