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Oil peaked in July. It is down 15%. Silver has dropped 16% in the last 3 trading days alone. There was a huge security premium in commodities prices on war fears over Iran. Those are fizzling, and the doomster longs are capitulating. Oil could drop to $40 very quickly on fundamentals - it never needed to be this high to balance supply and demand, and stocks have built continually at the recent high prices.

Easy money out of Japan especially, and low interest rates world wide, have spawned bubble after bubble in speculative assets. Stocks cratered 5 years ago and have been sane for the last 3, as earnings have risen to justify recovered prices. Houses were next but have topped. Commodities went parabolic a little less than a year ago and are now crashing. Commercial real estate is still going for the moment, and government bonds remain the most overpriced stuff on the planet.

There has also been massive politically motivate doom mongering out there, with people trading a fine economy like it is the end of the world. It isn't, and markets will adjust and take their money.