Morning start fkli bearish 30-35 fcpo weak 2520-30

DJ -200 after Standard & Poors cut Greece's debt rating to junk and lowered Portugal's debt rating, raising fears that a euro zone debt crisis could slow the global economic recovery. Europe -3%

8.20 : DJ futs +10. Regional slump more than 2 %. NK -300/-2.6% Kos -2%. Commodity taking hit too, 1% to 2%.

fkli : another big stumbling block, really a defensive play. Support seen at 28 but will likely to remain -ve for the day for position trades. Intra-day bargain buy only.

fcpo : SO -1%. maybe more resilient than equity but -ve bias if < 2550., targeting 2500 again. Upside remotely possible.