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Three Things to Watch Today

Talking Numbers
  1. The Nikkei fell 5% overnight, hitting a new 1 month low, and is now down almost 15% from its peak just last week.  Overnight, S&P 500 futures were down 0.4% at one point along with that fall, but are now up 0.4% as European stocks have rallied after opening in the red.
  2. Heavy economic calendar in the U.S. today.  Revised 1st quarter GDP, Personal Consumption, and Initial Jobless Claims data will all be released at 8:30 am.  That data will be closely watched since the Federal Reserve has indicated that it might taper the size of QE in the second half of 2013 if economic data continues to improve.
  3. Costco reported better than expected earnings and sales, and the stock is indicated up about 1% from yesterday's close.  Costco has been gaining market share from competitors like Wal-Mart as its quarterly sales increased around 7%, while similar measures of sales were down 1.4% at Wal-Mart.

--Enis Taner, Global Macro Editor, RiskReversal.com