Daily Wrap

After a mundane 3-day of trade since last Thursday’s Key Reversal Day, today was ugly with a broad-based, but fairly orderly sell-off which was led by the mega-caps. Fitch ratings agency downgraded the USA’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘AA+’ from ‘AAA’. you may recall during the debt ceiling snafu I consistently said…