Portugal’s Debt Rating Cut to Junk by Moody’s

Moody’s cut its rating on Portugal’s long-term government bonds to a non-investment-grade rating of Ba2 from Baa1 and said the outlook was negative, suggesting more downgrades lie in store.

The ratings agency cited the risk that Portugal will need a second bailout before it can tap the bond markets again, and that private sector lenders will have to share the pain

That was good for 2 WHOLE S&P points...I find it astonishing the way the market reacts to European news these days. It seems we have a battle hardened market. A marekt that will only respond to a complete failure of a country or currency, and then buy that dip because "..the second half will be better". We have been hearing the "recovery story" for 2 years. It's always going to be better next year, but is it?
NO, it's not getting better, and everyday we print more money to keep the ponzi scheme going....