Still Talking Egypt

Is there something going on that was a huge surprise last night?  Those who reflexively bought oil a couple of weeks ago got rewarded, but this time the market already seems numb to the Egypt news and crude is reversing hard to the down side.  Egypt just seems like a distraction from what really is going on:  funds moving their money from emerging markets to the US.  This decoupling of emerging market weakness and US strength  is usually a bad sign going forward.  We'll see if that's the case this time.  I think it is, but we might have a bit of a delay in the reaction to this signal.