States whose attorneys general have a differing opinion and are filing challenges include Florida, South Carolina, Nebraska, Texas, Utah, Louisiana, Alabama, Michigan, Colorado, Pennsylvania, Washington State, Idaho and South Dakota. The suing attorneys general are all Republicans except James "Buddy" Caldwell of Louisiana, who is a Democrat. In contrast, pro-health care reform attorneys general are going on the offensive in places like Oregon and Ohio, while the AGs in Georgia and Kentucky have refused requests from their governors to fight the legislation.

“The Chamber is going to carry a message across the country that says the health care debate is not over,” Thomas J. Donohue, the business lobbying group’s president and CEO, said in a letter sent to the chamber’s board members late Monday. The law “is a major step in the wrong direction and will prove to be a serious drag on our economy and the nation’s fiscal solvency,” Donohue wrote.

And lest you think you can sneak part-time workers under that radar, another provision imposes a "full-time equivalents" formula which requires "dividing the aggregate number of hours of service of employees who are not full-time employees for the month by 120." Do the math and you'll find that a full-time equivalent comes to just 27.7 hours a week (120 hours divided by the average of 4.33 weeks in a month).

The long lead time -- the full effects of reform won't be felt for almost a decade -- may explain investors' muted reaction. It may simply be too early to measure their sentiment.

Besides, they may have bigger things to worry about. Political leanings aside, the dark cloud looming over the market remains the $1.5 trillion budget deficit that so far the administration has done little to confront.