Moody’s Investor Service adjusted the ratings of several EU countries in response to the continuing sovereign debt crisis in Europe. Special notice should be put on the following countries:

    * France – outlook on Aaa rating negative;
    * Italy – downgraded from A2 to A3, negative outlook;
    * Portugal – downgraded from Ba3 to Ba2, negative outlook;
    * Spain – downgraded from A1 to A3, negative outlook.

The uncertainties of institutional reforms of fiscal and economic frameworks stemming from the perceived lack of commitment from certain EU politicos was attributed as one of the main factors  for the recent wave of downgrades.

Local stays correction stages after few good performances last week, some are already saving their profit in worries that Europe debt will be worse. I do personally save some of mine but left the half awaiting for break out when it happen. 


Warren Buffet always remind us to buy shares when there's blood on the street, the only question is this the sign to buy now? Charting the PSEi shown up, our index are on the way to break on my own analysis. I now start to cross my fingers. God Luck fellow traders.