Excellent analysis and spot on ... it is confounding that cheaper oil is having such a negative impact on the equity markets. From what I've read, and it hasn't been enough, it seems the markets are reacting to the very extreme / rapid volatility in oil prices. And markets, I'm told, do not like volatility and uncertainty. It's obvious why cheap oil has a negative impact on energy stocks, but can't figure out why everything else is getting hit. Hard to believe that the uncertainty/volatility could be such a driver. Probably a govt conspiracy (just kidding, NSA!).