Downgrade of the Day

It is Spain's turn to get downgraded by the ratings agencies.  The timing is pretty much right around the European close, I wonder if those guys are trying to get the most bang for their buck with these announcements.  Anyway, what figured to be a good short sell opportunity ahead of the Fed is now all messed up with this news.  I don't have a good feel for what the Fed reaction will be, I expected a sell on the announcement, now that we've already gotten beaten down, its harder to game.  It is getting panicky in Europe, I must say a bottom is probably not far away there.