If the Fed needed an excuse to extend QE (which would keep a bid under the stock marketand commodities), I guess they've got one now, i.e. Japan situation. Also, the Euro periphery is going from bad to worse, i.e. they're in a full blown depression, and I don't see it being long before one breaks ranks and does "an Iceland"...the people in Europe just won't stand for austerity to bail the bankers and will take to the streets...will just mean more QE by the ECB.