And S&P continues to soil itself in front of the world by sparking generalized fear that will be short-lived and guess what -- a flight to safety by investors into... wait for it... wait for it... United States debt!! That's what they just downgraded!!
That's right, the equity (stock) markets may be down, but investors are fleeing to the safety of United States debt. Mmm hmm...
10-Year Treasury yields are way down hovering below 2.4%. If our debt were such a "crisis," we would be seeing sharply higher rates since - according to S&P - our debt is not as safe. It seems the markets disagree strongly.
There's little sense in what's going on today in the sell off. Smart money buys equities.