Yes, it's okay to breathe a sigh of relief now that Congress has averted the worst consequences of the "fiscal cliff."
Just don't get too comfortable. There are plenty of storm clouds ahead.
The minimal agreement of Jan.1 means "a great round of applause for everybody, but the rest of it is a frigging disaster," said Tommy Molloy of FX Solutions.
"What's kind of gotten forgotten among all the shenanigans and back slapping is the debt ceiling coming up," he added. "I think from a general longer term sovereign rating point of view, that has much more importance than the 'fiscal cliff' that's been driving everybody demented for the last three months."
Molloy worries that a big battle on the debt ceiling could lead credit rating agencies to cut the U.S. debt rating, as Standard & Poor's did around the time of the 2011 debt-ceiling debacle.
(Read More: What Is the Debt Ceiling?)
"The first notch off can be ignored," he said, alluding to the move by Standard & Poor's. "The second can not. You're starting to look like Europe."