The real problem here is worldwide inflation.

It is expected both People\'s Bank of China and ECB will hike rates soon. While the most the Fed can do is to keep rates steady (don\'t think they can hike rates), this will force people to flee US markets. If Fed cut rates, the fleeing will be even severe.

The fact the oil price has jumped more than three times since year 2000 means the stock market is indeed still in the big bear market started in 2000. One buys less oil now with the gains got from investing in the US stock market.