The Next 12 Hours Could Be Ugly

US futures are solidly lower in the wake of the after-hours downgrade of Spain by Moody’s.

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The euro is well below its pre-downgrade levels meaning that the news is hitting the market with some impact.

It’s possible that Spain will have a nasty reaction to this.

Friday is off to a “risk off” start. It could be a nasty 12 hours or so, until GDP comes out in the US at 8:30 AM ET.

SEE ALSO: 14 Miserable Facts About Spain >

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