I doubt whether Greece can live up to its previous agreements with the ECB to get funding, but I also believe that the ECB needs to be more understanding of the situation and more flexibility regarding past terms. It remains to be seen what happens.

"Buffett's Message" dealt with the reverse merger by Heinz, a 50 percent Berkshire Hathaway company, with Kraft. Buffett continues to focus on strong management, with sound strategic objectives, tight cost controls, strong financials and positive cash generation.

I might add that this was a brilliant financial move as it was tax efficient to Berkshire and took a private company, Heinz, to a 50.5 percent owner of a public company, Heinz Kraft. Buffett has made over 300 percent in two years owning half of Heinz with Oz.

The second point of this piece was that this really is a market of stocks rather than just a stock market. I draw your attention to Dow Chemical's move at the end of the week, utilizing a Morris Trust transaction by merging its chlorine business with Olin and gaining over 50 percent of the new public company. Dow reaped over $5 billion in value on the deal for its shareholders without paying taxes and continued to shift its mix to value-added, higher margin products. As Andrew Liveris, chairman of Dow, said on Friday after his deal with Olin, we are our own best activists. Congrats to both. Great deals.

The key event of the week was clearly the impact of the civil war in Yemen on energy prices and the way its neighbors responded—particularly Saudi Arabia. The real battle throughout the Middle East is a sectarian conflict between the Sunnis and the Shiites. Saudi Arabia has assembled a coalition of Sunni states to fight in Yemen against the Iranian backed Shiite Houthi rebels. Take a look at a map of the region to understand the importance of Yemen for its shipping lane, where 3.8 million barrels move per day. The price of oil rose dramatically during the week, but they fell on Friday as tensions eased.

Two conclusions can be drawn from these events:

1. Energy independence should be a top priority for the U.S. to ease its dependence on the price of oil.

2. The U.S. is totally ineffective at influencing policy in the Middle East and elsewhere.

If there is an agreement reached with Iran on its nuclear development and sanctions are eased, significant new supplies of oil will enter the market, pressuring prices further. Watch carefully as events unfold in the Middle East.

Let's take a look at events in other key areas of the world: