Today's Bloomberg has a good article on how S&P: that most reliable lagging market counterindicator has thrown in the towel, and is upgrading anything that moves. "Ford Motor Co., the world’s most profitable automaker, and San Jose, California-based EBay Inc. were upgraded by S&P along with 756 others, compared with 722 downgrades, according to data compiled by Bloomberg. In 2009, S&P slashed corporate debt grades more than three times as often as it raised them, the data show." The article continues: "S&P boosted grades for non-financial issuers 1.5 times as often as it cut them, while Moody’s Investors Service made 1.9 upgrades in those sectors for each downgrade, the ratings companies said." In other words, the crisis is all over according to S&P. Luckily, we all know one thing that the ratings agencies apparently don't: that when it comes to top or bottom ticking the market, there is nobody even in the same ballpark as these two business model relics (both of which only downgraded Ireland after the country became insolvent). Which is why, as the chart below, courtesy of Andrew Yorks, demonstrates, the time to go balls to the wall short credit is now.