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Three Things to Watch Today

Talking Numbers

1) The Japanese stock market was down over 7%, as measured by the Nikkei, after moving almost 50% higher to start 2013. Bernanke's comments yesterday about a potential reduction in QE in the second half of 2013 has spooked global risk appetite. In addition though, given the strength of the recent rally in so many global markets, psychology had become euphoric, and the correction over the past two days is reminding investors that there is risk as well as reward in stocks.

2) S&P 500 Futures are down 13 points to around 1640, or down about 0.8% from yesterday's close. That signals a lower open to start today, even after yesterday's large selloff from morning high to afternoon low. Some important economic data released this morning includes Initial Jobless Claims at 8:30 am EST and New Home Sales at 10:00 am EST.

3) Hewlett-Packard is up 12.5% to around $24, which is also its 52-week high from April 1st. It beat earnings expectations and raised guidance for the rest of 2013, as cost-cutting initiatives by the tech giant have paid off, improving its earnings profile despite declining sales.

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