The rift,the warring faction.

When only a few financial executives were invited to the most recent state dinner, the chattering classes quickly assumed that the social snub was the latest sign of the war between the White House and Wall Street.
Two of Wall Street’s self-appointed spokesmen — Goldman Sachs’s Lloyd C. Blankfein and JPMorgan Chase’s Jamie Dimon — were once some of Mr. Obama’s biggest backers. No more: according to that unnamed bank chief, Mr. Blankfein and Mr. Dimon think the president is pretty close to a socialist, and the latter thinks of himself now as a “wavering Democrat.”
It’s true that Mr. Obama was initially buoyed in his presidential run by Wall Street opening up its wallet. And it is also true that his Treasury secretary, Timothy F. Geithner, is widely considered so close to Wall Street that the even the wife of the White House chief of staff Rahm Emanuel thinks that Goldman is keeping available the desk that he once supposedly had.
It is a sign of how polarized the battle between the White House and Wall Street has become that even someone like Mr. Geithner has turned a cold shoulder.
To Wall Street, the idea is that things would have been different under Robert E. Rubin or Henry M. Paulson Jr. That an adult would have stepped in and warned the president that bashing fat cat bankers may feel good in the short term, but is counter-productive in the long run.
The ex-Clinton official and Evercore Partners chairman, Roger C. Altman, said “Wall Street is focused on the next five minutes or the last five minutes.” And an unnamed executive told New York that bankers are unwilling or unable to admit or believe that they had a role in creating the crisis.

The Dow on Friday is 10 market days to index/options expiry for May contracts.
Nikkei futures contracts expiry:11/06/10.

9:30am:-- An opening 130.0 points gap down.Greece contagion spread to Hungary.

10:30am:--Bearish hangman near session low,no sign of retracement to fillthe opening gap.

11:30am:--A new session low. A disappointing monthly jobs number.

12:30noon:--No sign of retracement for the morning session.Now hoovering near another low.

1:30pm:--Lower again with bearish spin.A stiff bout of selling pressure.

2:30pm:--Bearish hammer at the low.Industrial stocks have taken a beat down from sellers.

3:30pm:--More pronounced hangman.Such sour sentiment has triggered a spike in volatility.

4:00pm:--A morning star at the close.A mild technical rebound to follow but the bears are still in control.

The overall weekly candlestick is bearish.We are still in a Sell in May futures contracts.

Personal bankruptcies climbed near a five-year high in May while corporate defaults continued to fall, showing a growing divide between the fortunes of Main Street and Wall Street.

Unemployment and bankruptcy filings are usually lagging indicators, meaning that their recovery usually comes about six to 12 months after the turn in the general economy.