While rating agency Standard & Poor's European downgrades did not cause a stampede in the markets, they refocused attention on the continent's finances.

The ratings downgrades had been talked about and were expected by traders for several weeks now.

Despite the downgrade expectation already being "priced in" we still saw most European bonds trade lower as opposed to U.S. Treasury bonds which had rallied months ago when S&P downgraded the U.S. sovereign.

S&P also went ahead and downgraded the EFSF (European Financial Stability Facility), Europe's bail-out facility.

The reality is that Friday's ratings downgrades, in and of themselves, will have little impact on efforts to fix this crisis.

The ratings downgrades are simply symptoms of the underlying problem which centers on structural and political issues dogging the European continent.

The ratings actions confirmed the gradual Teutonic ascendance in European affairs; while most European countries were downgraded Germany's ratings were left unscathed.

In the U.S. Treasury bonds continued to rally even with stocks in positive territory.

In earnings, Citibank profits dropped as trading took a hit; this pattern is set to be repeated as Wall Street banks join the earnings parade.

In primary bond new issuance, it was a relatively muted day with most of the attention focused on overseas issuers such as Mexico's Pemex, Brazil's Itau, and the European Investment Bank.

Over the weekend that saw blistering cold weather hit Manhattan, this player watched Meryl Streep's take on Margaret Thatcher in "The Iron Lady."

The acting in the intimate portrait of Britain's Prime Minister from 1979-1990 was phenomenal and the movie also shines a light on many contemporary problems.

I highly recommend it.