STOCKS GO NOWHERE AGAIN AS DEBT CEILING FIGHT HEATS UP: Here's What You Need To Know

First the scoreboard:

Dow: 13,507, +18.8, +0.1 percent
S&P 500: 1,470, -1.3, -0.0 percent
NASDAQ: 3,117, -8.1, -0.2 percent

And now the top stories:

• This is the second trading session where stocks basically went nowhere. But no one's complaining considering the fact that stocks currently sit near their five-year high. However, Vitaliy Katsenelson of Contrarian Edge, notes that stocks are flat since 2000. And he recently gave a big presentation arguing that stocks could go sideways for another decade.
• Meanwhile, Washington continues to wrestle over a deal that would address the debt ceiling. "If Congressional Republicans refuse to pay America’s bills on time, Social Security checks, veterans benefits will be delayed," Obama said during a press conference today. Check out this painting that describes what would happen if the U.S. defaults on its debt.
• So, what's with the complacency in the markets? "A key investment lesson of the last five years is that politicians eventually reach a compromise although markets may suffer in the interim," wrote Goldman Sachs' David Kostin in a note to clients this week. "Investors have become accustomed to midnight negotiations in order to avoid one dire fate after another. Accordingly, downside may be limited this time."
• Meanwhile, computer giant Dell is reportedly in talks to be bought out in a private equity deal. The stock jumped 13 percent on the rumor.
• Shares of Apple fell by over 3 percent on a Wall Street Journal report that the tech giant was cutting orders for iPhone parts.
  
• Don't Miss: The True Story Of The Time JP Morgan Saved America From Default By Using An Obscure Coin Loophole >