Ordinarily when there’s a stock market downturn investors bail out of stocks and go to cash or equivalents. The equivalents are usually US Treasury Bonds, Bills and Notes. This is often termed a “flight to quality.”

But after S&P’s downgrade of the the US credit rating on Friday, where would investors go?

Why, to US Treasury Bonds, Bills and Notes, of course.

Apparently investors don’t quite believe S&P’s analysis.