The U.S. Nuclear Regulatory Commission approved Southern Co.'s plan for the first license to build reactors in more than 30 years, with Chairman Gregory Jaczko dissenting because he said there hasn't been a commitment to implement safety upgrades at the new plant after Japan's nuclear disaster last year.

Jaczko said he couldn't support the approval “as if Fukushima had never happened,” following the commission's 4-1 vote at NRC headquarters in Rockville, Maryland.

Eoin Treacy's view Despite the hysteria that followed the Fukushima accident, the nuclear industry has much to recommend it, not least that it provides abundant reliable energy at an acceptable price. This is in spite of the problems with long-term storage of nuclear waste.

Southern Corp yields 4.24% and was among the first shares to hit a new high in September. It is still somewhat overbought relative to the 200-day MA but the consolidation to date has been limited to a similar sized reaction. A sustained move below $44 would constitute an inconsistency while a decline below the MA could signal a lengthier pause is evolving.