Up is down and down is up.

Today's employment numbers were just bad. And markets barely react. Why?

Barry Ritholtz: "Markets face opposite risks from the Employment data than does the economy. The risk of a strong number is that it removes the incentives for the Fed to keep applying QE2 at full strength. If the economy shows a consistent strength over the next 3 months, the Fed may feel that additional liquidity and quantitative easing is no longer necessary. At a certain point, they may lift their foot off the gas pedal. Perversely, a mildly disappointing NFP number might be a positive, as it suggests the full QE2 will be applied."

In other words, it's flat-out explicit now:

Bad economic data causes the stock market to go UP on expectations that real-world awfulness will cause greater amounts of money printing by the Federal Reserve.

I fear that this is not going to end well.