Today S&P downgraded the sovereign credit outlook of the UK. There are murmurs that the US will be next. This is putting a lot of pressure on all USD denominated assets. The USD is falling, longer term treasuries are crashing. Unlike in the past where a falling dollar would help equities, the US stock market is under selling pressure and testing key support levels.
I have added a short Euro position, since I believe that the Europe will follow whatever the US has to endure; they will be just a day late and a penny short. This is a risky position with tight stops, but the trend is likely to take a pause before the long weekend.