S&p Downgrades U.S. Credit Rating!

Last night the credit watch agency S&P downgraded the debt of the U.S. From it's highest rating {AAA} to it's next level{AA}. This was a rumored possibility throughout markets all day yesterday. I will think about what this means over the weekend. First reaction though is that it's likely in stocks for the time being. I think we may open up a bit weak though on Monday for reasons more of a technical nature. That being said, my initial impression is that this downgrade {an event that has anyway been telegraphed for weeks during the recent debt debate as a possibility} shouldn't add substantially to that decline if it occurs. That,s just an early guess though. Will want to think about this and will want to see how Asia opens on Sunday. Back before the open on Monday.