There is a lot of head-faking going on but the true fundamentals have not improved. The Plunge Protection Team (President's Working Group on Financial Markets) is doing their best to push the numbers to paint the tape favorably. The talking heads have a habit (in every market bubble) of saying "There is no bubble. This time it's different. The downturn is only temporary." Where are those pundits who said six months ago "The subprime problem will be contained"? They must have meant contained to Earth.