So what do I think of the recent upswing in the stock market?

From the Comrade Swan on the comments on Calculated Risk, who says it better and funnier than I possibly could:

PICTURE the Black Knight scene from Monty Python & Holy Grail, but the script as follows below the fold:

REALITY: You fight with the strength of many men, Sir BULL.
I am Reality, King of the Markets.
I seek the finest and the bravest traders in the land to join me
in my Court of Capitalism.
You have proved yourself worthy; will you join me?
You make me sad. So be it.
BLACK BULL: None shall sell.
BLACK BULL: None shall sell.
REALITY: I have no quarrel with you, good Sir BULL, but I must
make new lows.
BLACK BULL: Then you shall die.
REALITY: I command you as King of the Markets to stand aside!
BLACK BULL: I move for no man.
REALITY: So be it!
[Market trading at $70 earnings when reality is about half that]
[parry thrust]
[REALITY chops the BLACK BULL’s left arm off]
REALITY: Now stand aside, worthy adversary.
BLACK BULL: ‘Tis but a scratch.
REALITY: A scratch? Your arm’s off!
BLACK BULL: No, it isn’t.
REALITY: Well, what’s that then?
BLACK BULL: I’ve had worse.
REALITY: You liar!
BLACK BULL: Come on you pansy!
[Top banks are insolvent and there are still over 5 trillion in off-balance sheet assets]
[parry thrust]
[REALITY chops the BLACK BULL’s right arm off]
REALITY: Victory is mine!
We thank thee Lord, that in thy merc-
BLACK BULL: Come on then.
BLACK BULL: Have at you!
REALITY: You are indeed brave, Sir BULL, but the fight is mine.
BLACK BULL: Oh, had enough, eh?
REALITY: Look, you stupid bastard, you’ve got no arms left.
BLACK BULL: Yes I have.
BLACK BULL: Just a flesh wound.
REALITY: Look, stop that.
BLACK BULL: Chicken! Chicken!
REALITY: Look, I’ll have your leg. Right!
[ 7% contraction this quarter, unemployment properly measured over 15%, world economy contracting]
BLACK BULL: Right, I’ll do you for that!
REALITY: You’ll what?
BLACK BULL: Come ‘ere!
REALITY: What are you going to do, bleed on me?
BLACK BULL: I’m invincible!
REALITY: You’re a loony.
BLACK BULL: The Black Bull always triumphs!
Have at you! Come on then.
[yields creeping up despite monetization, commodities creeping up not on demand but production cuts and stockpiling, deleveraging continues in households, commons will be severely diluted, credit terminally distressed with expected defaults worse than the Great Depression]
[REALITY chops the BLACK BULL’s other leg off]
BLACK BULL: All right; we’ll call it a draw. Oh, oh, I see, running away then. You yellow bastards! Come back here and take what’s coming to you. I’ll bite your legs off!