... is the news (which is not news, because as we had explicitly stated first thing this morning, Spain admitting it needs a bailout absent a new bailout plan in place, launches the country's bond yields into hyperspace) that had it hit 30 minute ago would have sent everything red for the day:
- Spain Resisting Conditions On Bank Bailout - EU Official, BBG
But why would this news, coming at nearly 11pm Spanish tim, have to come before the market close, when all of the day's gains would have been undone. Why indeed.
And adding some spice to the after hours twist, is S&P which just said that the US will likely be downgraded again by the end of 2012:
- S&P Affirms U.S. ‘AA+/A-1+’ Unsolicited Rtgs; Otlk Still Neg
- S&P SCENARIO SEES 2001, 2003 TAX CUTS IN PLACE INDEFINITELY
Which they won't.