Just when you thought it was safe!

Huge reaction to the downgrading by S&P on the US. We are seeing massive down gaps and there will likely be a full blown trend day to the downside today. Buckle up it's going to get nasty! So much for the bullish stance stemming from Friday's action. I think all bets are off now. The likelihood is that failure to hold 1300 on the ES and we will see a sharp decline.