They realize the economy didn't fall apart when oil was at $55 a barrel, and it's not going to fall apart at $59 a barrel,
The positive today is that oil is coming down, the negative is that the housing numbers are worse than expected.
The tradeoff and struggle in the market is the power of good earnings and the strength of the economy against the fear of higher interest rates and rising oil prices,
You would think that with oil so high, we would be seeing some pressure. But I think the strong read on factory orders turned things around, as it reassures people that the economy continues to strengthen.
This Iranian issue is lurking as tension in the background. It's going to keep oil higher until it works its way out.