I thought you're a buyer of FF futures? Not a chance by the way, a MENA blow-up will give Ben the excuse he needs to keep pumping. Economy will collapse once again if oil goes much higher. $140/barrel did it in 2008, maybe its higher this year, maybe it's lower. Don't know, but not a chance Ben hikes if, for instance, a supply disruption from SA. Even if he does hike, it'll just exacerbate the collapse, forcing a rather quick reversal. The existence of another central bank induced asset bubble cannot be denied. The only question is how much longer it goes on and how it ends. The fed can stay easy a lot longer than most can remain solvent. Be careful out there. Disclosure: as always, long american equities, long american real estate, long american prosperity, massively long the greenback (by definition), a few insurance policies in the form of OOM puts (bear spreads I think they're called) on nflx, fcx, ewh ewt, xly.