Okay, now that Thanksgiving's over...

The markets today, Friday, even with their shortened trading day, because of Thanksgiving, are all--and I mean all--going to go very far South tomorrow and for two reasons. First, there's this: Fitch Downgrades Portugal to Junk Status LONDON — Fitch Ratings Thursday dropped its credit rating on Portugal into junk territory and warned further downgrades were possible, as a recession in the country is increasing challenges for the government to comply with its austerity plans. Second, there's this: German Bond Windfall May Be Ending With Euro Crisis BRUSSELS — Someone, somewhere, usually makes money from bad news. With Europe’s debt crisis, that — at least until this week — was Germany. A failed German bond auction Wednesday may have brought to an end one turbulent chapter in the history of the Continent’s debt crisis, during which Berlin remained insulated from much of the fallout. But since 2009, Germany and a handful of other countries, like the Netherlands, have benefited significantly from cheaper borrowing as investors diverted cash from riskier assets and the bonds of southern European countries to debt issued by the Continent’s fiscal hawks. So that money-making party is over, in Germany. That's certainly bad for them but it's bad for all of Europe, too, since it's Germany whose been depended on to "save" the EU and the Euro. It's rough over there and getting rougher yet. Oh, well, all we can do right now is to think happy thoughts, regardless and enjoy your long, relaxing weekend. Link: http://online.wsj.com/article/SB10001424052970204630904577057743033166600.html; http://www.nytimes.com/2011/11/25/business/global/german-bond-windfall-may-be-ending-with-euro-crisis.html?_r=1&pagewanted=print; http://www.pbs.org/newshour/businessdesk/2011/11/european-bond-scare-germany-ed.html