In the immortal words of Taylor Swift, "shake it off." That appears to be the meme of the new normal. Terrorist attacks - buy em; looming World War 3 - buy it; plunging earnings - perfect!; collapsing capex - bullish; soaring inventories - back up the truck; crashing homeownership - awesome sauce! interest rate are going to rise - brilliant!
And while the ongoing carnage in the credit market is being ignored for now ("well, that's just energy, right?" nope!)...
The fact of the matter is, as one manager pointed out that there are the most distressed bonds trading in six years - warning, "it's not just energy, it's everywhere."