Thanks for checking in with us for seven a ton of links at 7AM Eastern.  Good luck out there.

Quote of the morning

Joe Donoghue, “There will be epic opportunities to make money in this market long and short in the weeks and months ahead. Have a plan.”  (UpsideTrader)

Markets

The trend has changed.  (Chris Perruna)

By any measure the stock market is oversold.  (ZorTrades)

No change in the way clearinghouses are going to treat US debt.  (Barron’s)

A timely reminder on circuit breaker levels.  (The Reformed Broker)

S&P’s timing has only added to market uncertainty.  (Market Anthropology)

S&P Fallout

S&P is not going to go down without a fight.  (Politix)

Bill Gross doesn’t have any problem with what S&P did.  (Zero Hedge)

More voices against the S&P move. (Economics of Contempt, Big Picture, Rajiv Sethi)

Tim Duy, “The world needs more safe assets. The safest asset just became a little bit less safe. That can’t be good.”  (Economist’s View)

Bonds

Inflation is the greater risk to US Treasurys and it is nowhere on the horizon.  (Gavyn Davies)

The muni market is going to experience some turmoil due to the S&P downgrade.  (Bloomberg)

Vitaliy Katsenelson, “The only downgrade that will really matter to our cost of borrowing in the long run is the one imposed by the bond markets.” (ContrarianEdge)

Europe

The ECB is in there buying Italian and Spanish bonds.  (FT, WSJ, Bloomberg)

France is vulnerable to a credit downgrade.  (Bloomberg, Money Game, FT Alphaville)

Economics

James Surowiecki, “Austerity during an economic slowdown isn’t just bad for the unemployed. It’s also bad for business.”  (New Yorker)

To say there were cross-currents last week would be an understatement.  (A Dash of Insight)

The economic schedule for the week ahead.  (Calculated Risk)

Mixed media

Go on a news diet the next couple of weeks.  (Stone Street Advisors)

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