I did a quick hit on Squawk Box this morning and the discussion centered on oil and, what is to me, a surprising lack of strength in the commodity when Russia's new-found belligerence is factored in.
Russia's move into South Ossetia and then into Georgian territory will force a reconsideration of alliances in the area. Former Soviet satellites will now have to ask themselves if their security is enhanced or threatened by affiliation with the West. The Western side of Central Asia, the Balkans, Poland, the Ukraine, have cast their votes with NATO. But the Caucusus, Kazakhstan (with huge oil reserves), and Uzbekistan (gas reserves) being to the East and far removed from the geographic embrace of Western Europe will need to consider where their best interests are.