Decouple, decouple!

Decoupling theorists are going to have a field day trying to explain how U.S. will be isolated from global economic weakness.
Today we are witnessing two of the largest economies on the planet displaying contraction in manufacturing sector, which is a leading indicator of economic conditions.
Let's not forget that S&P 500 multinationals' earnings are going to suffer from slowing global economy, which seems to be taking a leg lower.

Below are the PMIs of China and Eurozone, reported overnight by Markit.

click on charts to enlarge