At 1:45 pm...

stocks are lower following the downgrades of Italy and Spain debt.  Prior to that news coming out, we were looking OK, but that seems to have taken the air out of the rally.

Dow -53
Nas -31
S&P -12 to 1152

Banks are getting beaten up.  It appears that Gold and Silver are now tied to the Euro.  If the Euro falls vs. the dollar, Gold and Silver has been falling.

We still have a little over two hours left.  Maybe we can circle the wagons and stage some late gains.