ZOLOFT IS AVAILABLE – AT 10:28 A.M. ET:  Markets overseas are reacting to the downgrading of the U.S. Government's credit rating.  The Israeli stock market is down five percent.  And the beat goes on:

Standard & Poor’s waited until all the stock markets went beddy-bye on Friday before announcing that President Obama’s borrowing of nearly $4 trillion since becoming president cost the nation its AAA credit rating.

While the Asian markets won’t open for a few more hours, Saudi Arabia’s stock market traded on Saturday and experienced a drop of more than 5%.

Most Mideast markets operate Sunday to Thursday. As the others opened on Sunday, they fell nearly as steeply.

And, from The Times of India:

DUBAI: Stocks are tumbling across the Middle East as most of the region's markets open for their first day of business following a historic downgrade of the United States' credit rating.

The main market index in the regional financial hub Dubai led the declines Sunday, plunging over 5 percent before rebounding slightly to a 4.4 per cent drop by midday local time. Other Gulf markets also opened sharply lower.

Mideast markets are the first to react to credit rating agency Standard & Poor's decision late Friday to cut the U.S. level one notch from its top AAA rating.

COMMENT:  The ultimate test will come tomorrow, August 8th, when the American markets open, unless we can figure out a way to declare a national holiday. Wait, wait.  Donny Most was born on August 8th in 1953.  You don't know who he is?  He was one of the cast of "Happy Days."  Ask you kids.  The man deserves a day for making your kids happy.  Take tomorrow off.  Close the markets.  Avoid the pain.  And celebrate Donny Most day properly.

August 7, 2011