We are all guessing here, right? My guess is that the S&P's desision to downgrade has been well known for those in-the-know way before they dropped the bomb on the national television. If so, then most of the damage has already been done due to the downgrade.
Further more, I am guessing that it won't have any difference on the interest rates because even though our house even though is in a pretty bad shape, it's still the best looking house in the getto(global economy). In fact, I wouldn't be surprised if the interest rates would go down.
That astronomical gold jump today was the telling factor. That says you won't be seeing any major rebound in the stock markets any time soon. Asia and Europe will probably crash tonight because of it. There's already talk of Japan closing the Nikkei or trying to prop it up again if it falls too much tonight....that's not a good sign to say the least.