Stocks will open down about 2% this morning after the S&P downgrade. Ironically treasuries are actually higher, with the 10-year yield down to 2.48%. I would not be surprised to see stocks open down but rebound during the session. We are now AA+ rated according to S&P, but still AAA from Fitch and Moody’s. at least at the moment. Keep in mind that China, Israel, Spain, Belgium and Taiwan are all AA rated. Spain and Belgium?? They are two of the countries begging for bailout money from the EU and from the IMF (us). We might have a similar debt to GDP ratio, but we are a lot stronger economically, more diverse, and certainly much more able to service our debt. Again, our 10-year treasury is yielding less than 2.5%. These other countries are paying much, much higher rates for their sovereign debt because their perceived risk is much higher. I believe the stock markets will bounce, if not today,very soon, and therefore think this is an exceptional buying opportunity. To get good prices, investors must buy when there is uncertainly, doubt, and fear.