From Last Night's Update

Take a look at this chart from the Overnight Trade

This is the first sign of a positive divergence that later developed in to a larger positive divergence and sent ES futures higher. This was captured around 1:30 a.m.

Sometime over night, the Troika report recommended paying Greece the next tranche, this is the first story I can find confirming that. That story was published about 2 hours ago.

Here's the current story from Business Week

" The European Commission recommended paying Greece the next installment of aid as “soon as possible” after Prime Minister George Papandreou secures parliamentary approval for new austerity measures."

The point?

I saw this positive divergence forming as early as 1:30 a.m., long before I can find any news published that the Troika recommended paying Greece, so as per usual, the inside information flows freely and the market buys based on this information and by the time it is released, they are selling the news to the greater fool.

Just another example of how far behind the information curve we really are and how corrupt this market is through and through.