Indeed. The Asian markets are also going nuts. U.S. debt being downgraded is a seismic economic event. Just think how much worse it would be if we had actually gone ahead and defaulted on debts.

It's interesting to me that S&P, whose Pollyanna attitude to toxic debt contributed to the onset of the Great Recession, is suddenly growing tough with the U.S. government. Corporate ratings, that's one thing, but with the guv itself we're going to bear down.


>Get ready for a wild ride tomorrow. Down 2.7% here today.
>
>>I do not care whether it's the end of QE2, jobs, Europe or a general investor awakening to reality.
>>
>>The fact is we're experiencing a technical breakdown.
>>
>>If you're in a buying mood, and I am) here are the next support levels I see.
>>
>>DOW
>>Support : 10917
>>Fib 38.2 : 10440
>>
>>NASDAQ
>>Support : 2460
>>Fib 38.2 : 2270
>>
>>S&P
>>Support : 1172 (has been tested today)
>>Fib 38.2 : 1103
>>
>>RUT
>>Support : 701
>>Fib 38.2 : 668
>>
>>Note: Fib retracements are based on March 2009 lows to May 2011 highs.
>>
>>Have a great weekend all!
>>
>>Update : 12:44EST
>>
>>ECB agrees in principal to buy Italian & Spanish bonds. More free money! Too late for European markets but the US is rallying!
>>
>>http://www.cnbc.com/id/44035627
>>
>>C'mon Bernake, time for QE3! Let's really kick this turnaround into gear.