The commodity sector (which includes oil) seems to be headed to new 10-15 year lows. Oil has already fallen under the 2008 low as has platinum. I think it will be tough sledding for copper, oil, and the basic materials sector in general. I think oil is headed back to $22 and possibly $15/barrel. There will be bounces though....maybe a good one right here from last week's $27 low. If the SM goes into a recessionary period, the oil service industry will probably continue to get clobbered too, especially if the price of oil remains under $40/barrel. XOM just took out the 2008 low last month. Not looking so good. And the OIH (oil services) ETF has been crushed to nearly nothing which may be a leading indicator for the blue chips. Maybe time for a bounce here. But if the 2008 path is followed there still may be another low yet to come. The stock market rally cycle is around 80 yrs old now. A major washout could take years if that's in the cards now. Energy producers will get crushed too. If you have years to wait and the money to lose, then no problem. I know I'd be leery about buying after the SM experienced a huge multi-year peak just last month - at ridiculous extremes.