ECB Starting QE
This rumor, if it is true, which I believe it is, is a game changer. You now have the two biggest central banks monetizing debt. This will squeeze the European markets higher, thus moving the US markets higher. The S&P downgrade is mostly priced in, so if it does happen as rumored, it should just be a blip which would be a buying opportunity. I expect a squeeze into the close when traders realize what is going on here. There is now another QE program, this time in Europe. Plus, I expect a QE3 from Banana Ben at anytime.