On Friday Peter Clemenza gave us some market advice about purges, and stopping them at the beginning.

Today, in light of the S&P Downgrade of US Debt late Friday, after the market close, we would like to share with you two things and two things only! First, the image above is the formula that S&P used to come up with its rating of US debt (credit to William Banzei, Zerohedge contributor and artist).

Second, we share with you this joke:

Einstein dies and goes to heaven only to be informed that his room is not yet ready. “I hope you will not mind waiting in a dormitory. We are very sorry, but it’s the best we can do and you will have to share the room with others” he is told by the doorman.
Einstein says that this is no problem at all and that there is no need to make such a great fuss. So the doorman leads him to the dorm. They enter and Albert is introduced to all of the present inhabitants. “See, Here is your first room mate. He has an IQ of 180!”
“Why that’s wonderful!” Says Albert. “We can discuss mathematics!”
“And here is your second room mate. His IQ is 150!”
“Why that’s wonderful!” Says Albert. “We can discuss physics!”
“And here is your third room mate. His IQ is 100!”
“That Wonderful! We can discuss the latest plays at the theater!”
Just then another man moves out to capture Albert’s hand and shake it. “I’m your last room mate and I’m sorry, but my IQ is only 80.”
Albert smiles back at him and says, “So, where do you think interest rates are headed?”

We are all dopes my friends. Stay calm and cool-headed. Later on our blog we will post the circuit breakers in place today that hopefully will be unnecessary.