Markets soar, overbullishness extreme on dismal economic data

Compare the reaction of the so called experts and economics...
(Bloomberg)[...] “The double-dip seems to be off the table,” said Eric Mintz, who helps manage $3.3 billion at Eagle Asset Management in St. Petersburg, Florida. “The durable-goods report was strong. It supports the idea that companies are spending money, which is important for overall economic growth, so it’s another bullish indicator.” 
“The economic recovery is becoming self-sustaining,” said Doll, whose company oversees $3.4 trillion and is the world’s largest asset manager. “Given how scared corporations got and how much they cut costs, that has created an immense opportunity for earnings.”
... With the actual data that spawned the exuberance:

From the Census Bureau (via CalculatedRisk):
New orders for manufactured durable goods in August decreased $2.5 billion or 1.3 percent to $191.2 billion, the U.S. Census Bureau announced today. Down three of the last four months, this decrease followed a 0.7 percent July increase. Excluding transportation, new orders increased 2.0 percent. Excluding defense, new orders decreased 1.2 percent.
Shipments of manufactured durable goods in August, down following two consecutive monthly increases, decreased $3.1 billion or 1.5 percent to $197.9 billion.
The decrease was bigger than the consensus, which was 1%

New Home Sales: Unchanged from July, Worst August on Record (from the Census Bureau, via CalculatedRisk):
The Census Bureau reports New Home Sales in August were at a seasonally adjusted annual rate (SAAR) of 288 thousand. This is unchanged from July.
In August 2010, 25 thousand new homes were sold (NSA). This is a new record low for August.

The previous record low for the month of August was 34 thousand in 1981; the record high was 110 thousand in August 2005.
Of course, there's nothing to do with the news, it's just the overbullishness of the speculators. We're at a juncture point very similar to September/October 2008 in my opinion. Wait&Pray.

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