This is very similar to what is happening to copper prices. Animal spirits are stirring. Stocks are up about 20% in the past two weeks. The global economy is not going down a black hole. Obama has suffered materially from a series of gaffes. He's making it up as he goes. He is being exposed as an amateur. I read the transcript of his 60 Minutes interview and was amazed. He's laughing and making jokes about how the world economy is teetering on the brink, and his interviewer asks, "are you punch-drunk?"
Whatever is bad for Obama at this point is good for the markets, since it means his chances of successfully pushing his mega-spending, big-government, higher-tax agenda are diminishing. It's even better to see that economic activity is not continuing to decline, and may even be picking up, as this chart suggests. I've been saying that the worst of the economic news hit around the end of last year, and that still looks like a good call.