NEW YORK ( TheStreet -- "All the trading on Egypt happened last week," says Ben Willis of Sunrise Securities. That may be true for the stock jocks, but the Egyptian crisis is still rippling through the broad market. Professor Simon Johnson of MIT notes that the focus on Egypt has actually taken some of the pressure off of Europe. Indeed, Germany reported on Monday that its retail sales dropped unexpectedly in December, sparking worries over too much tightening hurting growth. But the European markets showed resilience as Italy's business confidence improved more than expected. The Asian markets seem to be taking the brunt of the Egyptian worries. Both the Indian BSE Sensex 30 Index and the Philippine SE Index fell sharply. Professor Johnson says that for now the crisis does not look catastrophic as "Egypt is not that big a part of the global economy." However he notes that the Suez Canal is an issue as far as oil and shipping are concerned. Moody's Investor Services cut the rating on Egypt's sovereign debt to negative as a result of the protests. Fitch also dropped its opinion on Egypt to negative from stable. Jason Pride, Director of Investment Strategy at Glenmede Wealth Management said "Geopolitical risk has historically led to temporary market weakness and that creates an opportunity for buyers." The key areas in the market that Egyptian turmoil is affecting are energy, gold, shipping, defense and commodities.