But there is a lot of oil in the market, so if the market does undergo a recession or a slowdown, oil prices can, and will, trade lower.
Buoying RMPIA during the first half of December were shares of Broadcom, Facebook and PayPal.
Here's the context you need to be a little more clear-headed and a little less scared than you are.
Treasury bears have been bold and vocal, but sentiment should change to catch up with stocks and commodities.
As weak PMI data came out, Chinese President Xi Jinping promised cuts to import tariffs, but any major news on a trade deal will wait until after the elections.
A flush of FX outflows threatens a breach of the 7 level vs. the dollar, and commodities will likely follow suit.
The biggest risk right now is the yuan level versus the dollar.
And the market is vacillating between macro headwinds following economic slowdown and robust company earnings.
The market is giving no clue as to which way it is headed, so stick to fundamentals.
Data has been decent, but is showing signs of softness as the demand collapse in the rest of the world feeds into U.S. data.