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Tony Ogorek of Ogorek Wealth Management says Wall Street overlooked sequestration talks in Washington. "Generally speaking, earnings have been ok, and positive business conditions have brought us to this point," says Ogorek. But there is a possible game changer this week. "In the event the recalcitrant Republicans and President Obama begin talking about a larger framework for a deal that could deal with entitlements and tax reform, but that's something we'll be looking at months, not weeks, down the road. If that happens, that will be a tonic," observes Ogorek.
Ogorek says the momentum could get shut down if there's a seismic event that brings in the "U" word: uncertainty. "The big kahuna is in the event the Fed signaled they would be winding down their extraordinary market activities they've been doing to keep interest rates down, that would create uncertainty," says Ogorek.