Part of what's happening in the stock market right now is the reversal of the status quo, but not a change in the dominance of US markets, specifically the US stock market. At its core, this market will recover, and when it does, I believe it will be a multi-decade rally. I just don't think it's time for a recovery yet. More downside to come, so don't panic out of long-term holdings, but if you're still in short-term holdings, you shouldn't be.