Quashed Hopes

European markets were higher early this morning and our market was actually set to open higher at one point. Then rumors started spreading about S&P downgrading France. These rumors were unfounded as S&P affirmed France's rating later in the day but the damage was already done. This was only one of many rumors floating today about European countries and banks. Investors are buying cheapie CDS and then doing what they are being incentivized to do, cause a run on banks and sovereign countries. Hopefully European officials will act to stop this tomorrow but given their track record I am not holding my breathe. Have a good night.

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