Markets Going Nowhere As The Era Of Sequestration Begins

It's begun. It's March 1, and there's still no deal to avert automatic, across the board spending cuts that were agreed to as part of the 2011 deal to raise the debt ceiling.

So far the market hasn't seemed to care at all about the cuts, yet the media, various agencies, the government, and defense hawks have said they will be disastrous.

Either people don't care, or they expect the cuts will soon be reversed, or some combination.

In the meantime, markets are going nowhere.

And we've got scads of economic data coming up today, from PMI numbers, to construction and consumer confidence.

Strap in!