Market setup: What to watch today

Jeff Macke

It's Friday, April 11th and stocks around the world are trading lower this morning after yesterday saw the worst one day Nasdaq (^IXIC) selloff since 2011. The most dramatic weakness overnight seen in Japan where the Nikkei (^N225) dropped to six-month lows after a plunge in Softbank and a warning from fast growing merchant Fast Retailing.  Here are some things to keep in mind as we countdown the minutes to the closing bell.

Watch bank stocks after JPMorgan (JPM) reported weaker than expected earnings and revenues. CEO and Unofficial Prince of Wall Street Jamie Dimon described the quarter as a "good start to the year," but said the bank faced "industry wide headwinds in markets and mortgage."

If you're looking to get scared there's plenty of commentary out there as Dr. Doom Marc Faber told CNBC "a 1987-style crash" is iminent. It was the third such forecast in as many years from Faber. For those keeping score at home Faber's 2012 "1987 Crash" call came when the S&P 500 (^GSPC) was at about 1,400. If Faber is right and stocks fall 22.7% in one day the market would be almost exactly back to where they were in 2012 when Faber started making this prediction.

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