The dreaded sequestration went into effect on Friday, and the market continues to be nervous about how it will play out.  Market sentiment seems to be that Congress will do little or nothing this month as the first effects of the budget have been relatively mild, like the cancelation of air shows by the U.S. Navy Blue Angels and the U.S. Air Force Thunderbirds. That attitude is likely to change as sequestration cuts begin to affect more sensitive areas like school funding and Medicare. The bottom line is, either Congress and the President will start learning how to play together for the good of the country, or the automatic budget cuts will take effect which will send ripples if not major quakes through the entire economy. Read more about What the Market Wants: An adult-minded Congress, a modicum of leadership, and an end to manufactured crises!

Scott MartindaleLast week, the Dow and S&P 500 large caps hit five-year highs, the Russell 2000 small caps and the S&P 400 mid-caps made all-time highs, and the Nasdaq recorded a 12-year closing high. But some investors are evidently showing concern that it has all come too far too fast. Read more about Sector Detector: Bulls seek new blood to boost conviction

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After closing 2011 at exactly the same level it closed out 2010, the S&P 500 came blasting out of the gate with guns a-blazing on Tuesday to celebrate the New Year. It was a welcome sight to scores of nervous investors. Read more about Sector Detector: Strong start to New Year creates overdue technical breakout

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