Despite all the fears over Egypt, Libya and the Middle East in recent weeks this market has remained incredibly resilient. A 20% surge in oil & gasoline prices in just the last 4 weeks has the equity market essentially flat. Resilience, real-time stupidity, or are surging oil prices just not the huge game changer that most believe it is? My guess is that it will take higher prices to cause serious concerns for the equity markets….A disruption of Saudi output, strong seasonal trends and QE2 might just be the recipe for such concerns. Thus far, the markets don’t seem to care too much despite all the headlines….