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Really. When you pull back the curtain, the wizard disappears. Stock markets are many things but rational they are not. The continued contraction of the ISM along with the continued grim news about unemployment/layoffs ought to have some dampening effect, but every bit of "not as awful as it might have been" news is being spun as though it were in fact positive.
If I were looking for analogs to this sort of "thinking", I guess could posit a situation in which the captain of the Titanic comes out and says "Good news! We've hit an iceberg and we were taking on water much faster than we could pump it out, but now we are losing ground at a slower pace." Comforting, eh?
