Its bad. Its not really about the rating but a loss of world confidence. I hear several hedgies lost big time and so if the s and p moves below 1170---it will head to 1150 quickly. IF this happens run for the hills. ITS all about technicals now--a break below the neckline of the head and shoulder pattern is what next week is about. I am in 60% cash now and will exit completly if this happens. On friday i saw flash crashes in pki bte and erf--very safe stocks but not in this market. Using stops is pure insanity.
Futures are at 11.80 now and so we will know in the first hour where this is going.
THE positives is that our venture golds are well capitalized and they are all wisely withholding drill results. THUS, when we get drill results we are going to get the best of perhaps twice as many drills.
I have added to atc and other fav. but i am also ruthlessly shooting any of my poor performers.
We are living in interesting times. I am almost solely in gold stocks---hoping we will begin out performing gold when it takes off to 2000. This will happen soon as i watched gold last week become the only currency which is trully safe.
Get ready for a wild ride!