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Foreign Market took a beating last night

The foreign markets took a beating last night with the Hong Kong market losing over 12%. The US markets managed to avoid a steep sell-off with the release of a better than expected new home sales report. The market sold off in the final hour of trading but not nearly as bad as the foreign markets. We don't anticipate huge volatility as we wait for the FOMC results Wednesday. There usually is a little response to the durable goods report but the main event will be the interest rate announcement.