Last Update

Nothing much has changed, the short term positive divergence could be an effort to hold the market here for the pin or could reflect a bounce, Credit if anything today has sold off a bit, but not by a huge amount.

I think the weekend will be volatile as usual with governments and banks hoping Germany will relent and allow the ECB to loan to the IMF so the IMF can loan to the EU, but Germany (I haven't covered the news yet) seems to be well along another path, one of becoming the EU's new dictator and the "decider" of who stays in the club and who gets the boot.

From everything I've seen, even if the ECB relents, it's good for a short term pop at most as other issues come in to play.

However it looks less likely, the louder the calls get.

I'll be posting more shortly.