$SPY Always an optimist, maybe oil is decoupling from SPY. Maybe oil can keep going down with SPY going up. Remember, they were not always correlated like they have been the last few years. Imagine a world where cheap oil does not show us a correlating negative direction of stocks. Imagine a world where cheap oil continues, while the economy and stock market expand again. That is another bullet for the bulls. More consumer spending in a cheap oil economy. We can always dream.