daytrades august 3 pre-market, page-13

Barnsty, those rating agencies are a joke, if it was another country with the same economic fundamentals as the US they would have been downgraded years ago, I suspected the ratings agencies wouldn't have the guts to downgrade the US debt, it will be very interesting if S&P follow through with their threat of a downgrade, they were very clear if there wasn't $4 trillion in cuts they would downgrade US debt and we all now know the debt cuts are only just of 50% of that $4 trillion figure.

in terms of trading today, I get the feeling that the US markets today priced in a pretty horrific jobs number this week, if the jobs numbers are not as bad as the worst fears we might see a short sharp rally and then we will head down again as the hedge funds continue to attack Spain/Italian CDS spreads and bonds which is driving further fears out of europe.

for me today I will be looking at dipping my toes back into the market if we see signs of capitulation starting to take place.