Barack Obama's speech met expectations, only because nobody was expecting anything productive. The S&P futures were trading about 6 points higher before European market open, when Europe decided to spoil the party.
The economy is muddling along largely because the recovery has been so weak and few excesses were built up. The economy can probably continue to muddle along as long as the Europeans stop dawdling and pass the reforms and the EFSF. I believe this is the most likely outcome but it might take more of a scare for them to do so. I continue to be positioned net long in stocks that should do well in a muddle through, but with plenty of room to add if markets are taken to the brink.