Prudential's downgrade is extremely rare. In the last five months, despite the market downturn, ratings have been fairly optimistic. This is very rare, especially for a company as big and as popular as J.P. Morgan Chase. It's also a tricky scenario in which J.P. Morgan also covers Prudential.

I am hungry for ratings, because it's a job review, a daily job review. But I try not to be a slave to them.

Right now, I've recommended Boeing ( BA : Research , Estimates ) for the last couple of months. I did downgrade that about two weeks on the price move. I still think the stocks continue to perform however, although I think the gains will be modest from here in the near term.

Given the severity of the downturn, I would think we'll get a little more of a bounce over the next few weeks, but I wouldn't expect much beyond that. I think it's going to be a long, hot summer.

[Despite the selling, traders appeared fairly optimistic, many attributing the day's decline to investors pulling out profits after recent record session.] I see the flow of funds still exceptionally favorable for the stock market, ... 8,000 is my number. We should be there in the next week or two.

The current inability to market products in Europe makes it extremely difficult - and the concerns that have been expressed in Europe are beginning to be raised in the Far East,