You can thank the phony Fed for their moronic stimulus QE program that has create more asset bubbles. 1,600 is only a 38% retracement from the 2009 lows. Its taken a long time to burst but it looks like it took oil crashing and the strong dollar to do it. You can also thank the high yield chasing hedge funds as well. Maybe we can all travel to Europe again cheaply when the Euro and the dollar are 1 to 1 or possibly a discount again.