Higher Highs?

Just wanted to get a sense of what others thought about the continuing rise in the market. It seems that one could argue about certain data and how horrible the market should be acting now, however the market remains resilient. The housing market is still in the doldrums, oil remains at high levels and more economic data is projected to come in the near future which should demonstrate a continued slowdown. So my question to all is: Is everyone hanging their hat on a fed rate cut? What is that magic number that people are looking for? Finally, if that magic number is not achieved or a rate cut does not occur have we become our own worst enemy, by expecting too much too soon and not letting the markets run their true course?