There are cyclic forces.. as well as one time or storm forces..
Do to the american oil discoveries, a chain reaction started with the saudia's having to keep up oil exports at a lower price.. this started it... then the other countries started having to sell more oil to keep the same inputs of cash. So that is one of many factors going on in the market.
Then the Chinese over built their markets, over built their housing, their factories. That started the Chinese falling. They have very little control or understanding of the free markets so they over built BAD. They were big customers so they have a big impact.
The US and other counties just went through a slow down and adjustment due to over build, over production, and have hit bottoms but really not badly and have actually started back up a bit.
Election year always makes the market fall.
So... the first two items and an election have put the scare in everyone. All the greed, short term and brave group of investors have turned into FEAR, Fear, and fear invertors. They only have one strategy. SELL,SELL,SELL!!!!. Only the long term folks.. will simply ride it out and yes, it will bounce back pretty fast. You only loose money if you get out while its down.. If you can ride a bit, it will become a buying spree.
As with housing gluts.. the market quits building for 6 months to a year and then there is a housing shortage after a time. Then problem is.. that EVERYONE wants to build and ride the profit wave... all at once. And we over build again. everyone want to pick up production and not miss any sales opportunities. Can sell what you dont have in stock.
Then when housing slows down, lumber and home products start slowing a laying off. And those spenders quit buying cars, and luxurys so the cycle starts all over again.
Low fuel is good far ALL Americans. We are saving $40 to 80$ a week in every household All companies are seeing lower fuel prices. Shipping and other costs should drop also, passing on further savings. Only the Oil producers are taking it on the chin. Mostly the middle east and Russians.
Long term every thing is bright. We have all the fuel we need and now know can produce our own. Free trade is the only thing that hurts us.
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