The bulls seem to be shrugging off any piece of bad news that the bears can throw out. Yesterday, the market clawed back from a rough day to finish mildly down. Strong open today, and this is being driven by some solid earnings.
Even though the reasons to be worried are climbing, you can't afford to miss what is happening over this period of time. Earnings are coming in strong, especially for those companies that have lots of earnings coming in from other countries. This helps because 1) Many countries are growing faster than the U.S., and 2) They are benefiting from the weaker dollar.
It is true that companies are boosting their earnings by borrowing money to buy back stock or acquire its competitors. This is a formula that has worked well as long as their borrowing rates stay low.
The big financial names, which have been an area of weakness, are coming in with pretty respectable numbers so far, so that has also been positive.
If things start to weaken, I'd stick with commodities, which should hold up. Particularly oil and gold.