Does it feel more like 1984 right now, or 2010?
It's hard to tell. I wonder if a strong-dollar scenario works AGAINST some of these companies. I read somewhere that something like 45% of the revenue of the S&P 500 companies comes from overseas. If that's the case, then they could be showing declining revenues in U.S. dollars even if their overseas sales are UP.
Before the recent decline, stock market felt more like housing boom of 8-10 years back. It was artificial incentives (sub-prime loans) for housing boom and ZIRP for almost a decade long period for the stock market.
Strong or weak dollar can certainly affect profits of multi-nationals. Main reason Dollar is strong because Europe is still stuck on zero interest rates. And of course recent attempt by FED to normalize rates has also helped the dollar stay strong.