Recession and tappering pricing pressures

How do equity mkts rally when recession is here. Is it not so that bonds do better in recessionary times ? With oil coming off towards the 70 level, does this not spell of pricing pressure relief. The 2 , oil and food, have all retreated. So the view is any bounce wud not be sustainable . Selling jpy crosses on rallies... thats the soft side for now. This in turn caps gbp and eur bounces. But whats intriguing coming up in the horizon is whether the " new bretton woods" wud be pursued. Interesting going into the end of the week. Another event trigger in the works.