SPY Gives Back Gains After S&P Warns AAA Rated Euro Nations (Charts)

This put cold water on the rally today, which was fueled by Italy's austerity measures and Merkel/Sarkozy's budget plan for the EU today.

S&P ratings warning to top euro nations -- FT
"The US ratings agency is poised to announce later on Monday that it is putting Germany, France, the Netherlands, Austria, Finland, and Luxembourg on “creditwatch negative”, meaning there is a one-in-two chance of a downgrade within 90 days." (AAA rated)

Let's see if SPY can make another lower high. It pierced through the recent uptrend, but we'll see how equities react to the ECB's decision on rates on December 8 and the EU summit meeting on December 8-9 (Thursday-Friday). The Fed meets next Tuesday on December 13. Also, this probably isn't good for the employment number: Postal plan: Slower delivery, 28,000 jobs lost (CNN Money).


SPY intraday move after S&P warning - FreeStockCharts.com

SPY (S&P ETF) since September 2011 - FreeStockCharts.com

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