If you look past the calamitous Libyan mess, there's plenty of cause for optimism at home. And investors with a longer-term view of the markets should consider the ongoing uncertainty stemming from the Middle East as a potential entry point for buying stocks.
To quell rapidly climbing prices, China has raised interest rates for the third time since October. But signs are growing that it may not be able to keep the problem under control. And despite the economic threat from inflation, China isn't likely to let its currency rise.
China's economy is clearly in the midst of an inflationary pop. And American consumers might think that will translate directly to the prices we pay here. But once you put U.S.-China trade in a larger context, it becomes clear that this is not likely to be the case.