Not the whole stock market. Berkshire Hathaway is holding up well.

http://finance.google.com/finance?q=NYSE%3ABRK.A

http://finance.google.com/finance?q=NYSE%3ABRK.B

And gold ;)

http://finance.google.com/finance?q=NYSE%3AGLD

And Stock Markets are Inversely Proportional to Gold.

Sort of.

The more interesting trade is long GLD short USO (oil). Bit of a decoupling in commodities.

The recession will reduce demand for oil, the Fed's attempt to get us out of the recession by inflating the currency is making money flee into gold.

The lesson is, you can't push a string, you can not force the smart people who kept their cash out of stupid investments to spend it before the market bottoms.

You can create inflation but that will just force them into gold and that helps no one.