Stocks closed flat on the day despite the agreement to a second bail-out tranche for Greece on the eve of Mardi Gras.

The market seems to be saying "Ok…now what?"

The reality is that Europe's problems run deeper than a simple issue of sovereign debt for Greece.

While there may be a cosmetic improvement in the near-term as the Dow stock index approaches the 13,000 level and "risk-on" sentiment continues, the medium term outlook is choppy.

Youth unemployment for 18-24 year olds is approaching levels around 50% in Greece and Spain; if not handled with care, the situation could turn into a social tinderbox.

And then there is Italy which is far bigger than Greece in terms of potential severity.

Oil breached the $105 a barrel threshold with Brent crude oil above $120 a barrel; these levels are near the highs of the so-called "Arab Spring."

If the current trajectory in energy prices continues, it will begin to eat into the still nascent and fragile economic recovery.

This player attended a luncheon conversation (that was off-the-record) at the Harvard Club featuring Under Secretary of the Treasury Lael Brainard.

There were some interesting discussions about political transitions in the Middle East, the Pax Americana, and international capital flows.

An employment survey for small and medium-sized businesses revealed that a fear of excess regulation and prohibitive healthcare costs has been curbing small-business hiring in the U.S. economy.

U.S. Treasury bonds gave up ground.

Away from finance, New Yorkers should visit the Metropolitan Museum of Art; the exhibition on Middle Eastern / Central and South Asian art is eclectic and fascinating.