Markets are making new highs despite the Greek debt crisis continuing to fester.While the global earnings pictures seems one reason why the markets are going up the global macro picture does not seem to be improving . The Greek debt episode seems to be pushed to the side which seems very complacent since a default by Greece or any restructuring will lead a domino effect against the European banks and a currency crisis emanating from the Euro. With the interconnected financial world we have today , the global markets will be instantaneously affected. But still markets are going up on the back of strong earnings from most of the global companies and sentiment that the US and Asian economies are recovering strongly.I would be very cautious out here.