The wait

The market continues to go higher, today the Dow is over 14,125 and the S & P is over 1,520, but there are a lot of market veterans that don’t trust this rally.  The Italian elections have thrown Europe into chaos, but they did manage to do a decent bond auction.  Walmart, WMT, is even having problems with its supply chain, so how well can the rest of the US be doing.  Japan is raising wholesale wheat prices by 10%, kind of like the rise in gasoline prices in the US.  JC Penny, JCP, and Groupon, GRPN, are both getting hammered due to terrible earnings but all anyone is really concerned about is what John Boehner will do.  Come the stroke of midnight the cuts begin and we will be living with the minute by minute update of how our country can’t function without an additional $85 billion.  People love to watch car wrecks as long as they are not involved but the American public is not sure if they are the driver, passenger, or spectator in this race.   We are about to find out.