It was significant that both the Dow and S&P finished down for the day.

Something that we'll have to watch tomorrow. Futures currently are also down.

So, right about now one of the Fed Governors is turning to another and asking: How'd the markets close?

It has to be on all of their minds.

Because going on right now is the first day of the Federal Reserve's Open Market Committee.

Evergrande and I believe the Chinese Authorities, have elected NOT to pay the two bank loans that came due today.

In China, you see, it is real estate more than any other investment, where people elect to put their investments. And Evergrande Real Estate Group is where an estimated 1.5 million Chinese have their accounts.

Markets were down 2% in the US today.  Due mainly to the growing financial crisis which is Evergrande.

For weeks now Evergrande, the major Chinese real estate firm, has drifted just out of sight. Never really gaining the focus that it deserved. A few on Wall Street knew there was a problem with Evergrande, but they just didn't want to face it. With everything else going on in the world, the Street just didn't need one more worry.

And this contagion has hit the Investment Grade Bond Markets. In the US Bloomberg is reporting that no fewer than 8 Investment Grade Bond Offering, scheduled for this month, have now be canceled.

Asia saw a very rocky start to the week last night, as Hong Kong was down more than 3%. This as tensions are really beginning to climb, over whether one of the largest real estate firms around, Evergrande will be able to meet its debt payments due Thursday.

Once the most valuable Real Estate Firm on the planet. Today, the Chinese company: Evergrande Real Estate Group fights for it's financial survival. And it all starts this week. 

So let's take a look at how this all will likely unfold, as over the next 100 days Evergrande will have nearly $700 million dollars worth of loans and bonds come due.