Market Thought... chillen

Seems like we will see technical movement until austerity passes or doesn't.

The market simply pushed back from the 150SMA.

Plenty of resistance/support over the next couple of days for a drifting market w/out a catalyst.

Some chatter that I found interesting today:  Merkel  gave a warning that a restructuring will have a completely uncontrollable effect on the financial markets, with the subsequent domino effects. Not to encouraging in that I assumed they had a 'plan' in case Greece did not pass the austerity measures in yesterday's Market Thought post.  It would appear they got their thumbs up their asses in Europe not planing for a default or this could be more political rhetoric that has become nauseating. Bernanke put my mind somewhat at ease as he indicated that the Fed had the US banks do a stress test to see the impact of a default, and painted a realistic picture. At least he made it seem like the US was anticipating the default option.

We shall see.