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The Fed to steer next week's market direction

Why markets could be volatile this week

Markets are already primed for the possibility the Fed will signal it's a step closer to normalizing its current super low rate policy, and even so, trading could be volatile around whatever it does.

But the Fed is not the only danger zone for markets—there is also the Scottish referendum on independence Thursday, expected to fail but still be relatively close in polls. Traders are also watching for any pickup in tensions between Russia and Ukraine after a new round of sanctions on Russia from Europe and the U.S.

Against this backdrop, Wall Street will be celebrating its biggest IPO everthe estimated $21 billion offering from Chinese Internet retailer Alibaba, which prices Thursday and already has drawn strong demand.