Middle East-Keep This on Your Radar.

"What would likely knock the market off its axis is a major event coming over the transom that is unforeseeable and considered a lasting event with a large economic impact. I will list what some of these are that I can see with a brief comment where necessary. If such an event should occur though it will likely be one that I haven't thought of here."

This was part of my introduction when we ran our series about whether stocks were cheap in our post on market risk. Today there is grim news out of Egypt as that country convulses and demands regime change. {See this New York Times Article. The events there are similar to what has already taken place in Tunisia . So far the market has shrugged this off as neither of these countries has large quanta ties of oil.

But a revolutionary spasm that embraces the whole region will be something that markets can't ignore, especially if these events also threaten regimes in the oil producing countries such as Saudi Arabia. Stay tuned and pay attention to this.