Although there was some additional bad news thrown at traders Tuesday (Bahrain declaring a State of Emergency and announcing that the military was taking over for the next three months leaps to mind), the attention was clearly focused on Japan.

FORBES: Big Banks Downgrade Stocks as News from Japan Appears Bleak

Iraq's interim government offered an amnesty to some insurgents, while announcing tough emergency measures, including laws enabling it to impose curfews, make searches and detain suspects in some areas for up to 60 days.

ECONOMIST: Politics this week | The

There was also that good news from the European Central Bank this week, announcing that a good chunk of the emergency lending it had offered to European banks in the dark days of the eurozone crisis just over a year ago was being repaid early.

BBC: Davos 2013: A 'sigh of relief' at the World Economic Forum