Look what got cut in the budget deal - high speed rail. Notice military spending, which needs the same kind of cuts that entitlements do, was spared any cuts at all.
We are losing our collective freaking minds. Dear Tea Party: I thought y'all heard the voice of the people. Must a been something else.
BTW. I am flat Oil. I don't like when market's turn around after a rally this hard... especially with Japan declaring the nuclear situation to be far worse than previously believed. In the near future this will increase demand for fossil fuel... but not in the immediate future.
Wait until somebody does something dumb - then go long Oil (or at least that's the theory).
In fact... I think the markets are extremely dangerous at the moment.
Best to stay clear unless you are a remarkably disciplined and experienced trader.