BTW QE3 won't work, it will only delay the inevitable, only make it worst. Why, the governments don't have enough money, especially Europe.

>More tax cuts for the wealthy? ;-)
>
>I am joking but there is nothing funny about it at all.
>
>>Currently the US pay about $500B in interest a year, the rerating has added another $100B a year in interest bill. If the debt problem isn't addressed you will be paying $1T a year in interest, just imagine what could be done with that money if it was spent on your economy and not paid to someone else.
>>
>>>Which ones do you mean?
>>>
>>>Here there is a view that employment is the main problem The debt ceiling debate was mostly a partisan food fight. Get people back working and spending and we'll be fine.
>>>
>>>>They have just come to the realization that the underlying structural problems have to be addressed.
>>>>
>>>>>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.