Bloomberg TVTom LeeWall Street's most bullish strategist sees the oil's plunge and the dollar's strength as positives for stocks.
"Of the five 40% declines in oil, the stock market only fell two times-and both were a result of the US being in a recession at the time," Fundstrat's Tom Lee writes of the the history.
"We realize investors are a bit concerned about the negative effects from a surging currency (hurting exports) but consider that strong USD is stimulative for Europe/Asia (trade flows) and also enables US companies to acquire assets cheaply."
Lee identified eight large-cap stocks that he believes should benefit the most in this weak-oil, strong-dollar environment. Each stock has a positive free cash flow yield, and analysts have raised 2015 earnings estimates on them within the last two calendar quarters. All the companies are in the consumer discretionary, consumer staples, healthcare or telecom sectors.