29 November 2011

SP 500 and NDX Futures Daily Charts - Bank of America And Citi Credit Ratings Cut After the Bell



American Airlines declared bankruptcy today.

After the bell the credit ratings of Bank of America and Citigroup were cut from A to A- with a negative outlook.

Additional news includes other banks including Goldman, UBS and JP Morgan.

One of my friends remarked during the day that the banks index was lagging badly, but it was not fully reflected in the SP 500 futures. Perhaps now we see why.