I hear you on that. Market irrationality, if I can call it that, seems to be in season. But eventually, the truth will come to pass. I mentioned the "party" analogy before in reference to this bull market on just about everything but the dollar, saying that it was 3AM and the party was still going because they were still giving away booze. I think at this point, it's about 4AM and the party is still going, but no one has noticed the bar has been closed because everyone is still dancing and hanging around double fisted. Wait until someone goes and tries to get another drink.
And that pretty much seals it: Import prices up 1.8 vs 1.0 expected. Up 9.6% over last year, highest rise since 1995. No more cuts. Someone just went to get a drink.