Well, it looks like cutting defense spending to help the economy may not work, S&P is threatening to downgrade New Zealand’s AA Credit Rating.

By the time this is over, I would not be at all surprised if we see a number of countries out there like Australia and New Zealand with rating in the “B”s.

Well, we’ve got another retailer bankruptcy, Shane Co., a Jeweler with 23 stores in 14 states….We’ll see a lot more of this.

The Dollar rose, because traders are expecting the ECB to cut rates.

Also, Oil is back below $40/bbl.