For now let's ignore the collapse in euro zone yield and the nose-bleeding valuations in tech and concentrate on my favourite trade - the brutal battle being fought in the oil market.
Last week, InterContinental Exchange revealed that the hedge-betters and speculators were piling into the oil trade in levels not seen since the middle of last year. You remember the middle of last year, that was when crude was still at $110 per barrel, pretty much double where it is now. So are we setting ourselves up for another massive bout of volatility after a few weeks of relatively calm price action?
The longs are out in force, according to the data but are they too early in calling an end to the oil price rout?
Brent may have had a fantastic rally in February, having plummeted to the low $40s region after last year's rout. But was that a dead cat bounce ignoring the still dreadful near term fundamentals?
Read MoreWhy oil decline could get ugly again soon
Despite a lot of excitement about the falling rig count and the huge number of job expenditure cuts across exploration and production, there is still over-production not only in the US but also across the world. In fact, if you believe the bears, then the US will shortly run out of storage space above ground.
The guys who've been in the industry and have seen cycle after cycle like this keep telling me that the cure for lower prices is lower prices. But when will we see supply and demand responses to $50-60 oil? Well, many of the global wells just can't afford to stop just yet, whether it is because of the need for Middle Eastern petro-dollars of the demanding Texan bank manager who still expects the oil well-related loan to be serviced.