[bruinbirdman]

So, what caused the market to tumble today? Levin interrogating Goldman Sachs? EUrotopia meltdown speculation?

yitbos

[SAJ]

Here's the way it went today: S&P tanked Greece's debt rating, and Portugal's, so capital fled the Eurozone, tanking the currencies and bidding up the US dollar, US debt (now 'attractive' by comparison) and gold. Flight to ''quality'' (haha), and all that nonsense.

EVERYTHING else, absolutely everything, US and foreign shares, currency pairs and commodities generally, including crude, got smashed as the USD rose apace.

The only serious question is: will this repeat itself tomorrow? Absent MORE bad news on the Greek/Portuguese situation, I think not. We should see some knock-on effect tonight, but absent more distinct bad news in tomorrow's US session (keep in mind, FOMC are meeting), I'd say we'll be lower to start, then rally as the session goes on.

Just one view, of course. We shall see what we shall see.