OVERNIGHT

We said the market in Hong Kong would reopen Thursday after the recent holiday and that we said expect it to selloff. Well, here's a report from the WSJ on overnight activity there.

Stocks in Hong Kong fell sharply on Thureday,catching up with deep regional sell offs, as the market reopened after an extended LunarHoliday on Thursday. The benchmark Hang Seng Index market was recently down 4% at 18526.03, near lows for the section. The Hand Send China Enterprises Index of Chinese firms trading in Hong Kong plunged 4.8% at 7665.74, below a key level of 8000. Markets in mainland China will reopen on Monday. Elsewhere, South Korea's KOSPI was off 2.9% and Australia's S&P ASX 200 was up 0.5% after a choppy morning.

The  Japanese market was closed for a holiday Thursday, most likely saving investors from further market trauma. Federal a reserve Chair Janet Yellen spoke before Congress today. The Fed had little credibility before she spoke and she said nothing to change the situation. Reuters reported that gold, bonds and the yen rallied against the dollar as investors continue to seek higher, safer ground.

The dollar hit a 15 month low against the yen and gold breeched a critical resistance point, closing above 1200 as investors see these assets-- the yen, bonds and gold--the acceptable ports in this storm.