Market Update

I'm having trouble finding the Reuters story, but apparently someone has said that there are no plans to aid Italy through the use of the EFSF, which doesn't seem to really matter as the EFSF remains a bailout mechanism which thus far is akin to an empty box of promises.

As noted in my last post, the market tends to retrace or linger after a major area of support has been broken and this 5 min 3C chart of the SPY shows a relative positive divergence, which could turn in to a bounce or simply the consolidation  that it has formed thus far.

As for the OWS movement on Wall Street, as predicted, the move toward the NYSE was bound to cause lashes with riot police-this is from today.

The OWS movement is noteworthy and unlike the Tea party that was easily diluted by adding a few hardcore right wingers to its rank, the OWS movement is much broader and less likely to be rendered meaningless as it is not comprised of political ideology that can be diluted, in fact there seems to be no leadership of any kind which at first would seem to be a weakness in the movement, but in fact it is a strength and I would not discount this movement, it may have real political and financial ramifications in the US and all of the other countries it has spread to. This is the start of our "Arab Spring", sometimes we are simply too close to accurately view the importance of such a movement.

It may not be a daily sugar rush market moving event, but it may very well shape much larger, broader reforms that are hard to see as they are not acute.