The S&P then soared and never looked back, on the shoulders of the latest abysmal macro data.

Which brings us to this morning where Gartman writes that share prices have risen quite sharply since yesterday, "and we begin by admitting that we were uncommonly, inordinately, improperly bearish, believing that the weakness that had developed since last Friday's collapse had merely been consolidated… had merely been corrected.. and that further weakness sufficient to carry the global market generally and the US market specifically downward toward 2075-2080 in the S&P. Further, we were convinced that the break that had taken place in the EUR STOXX 50 as the short term upward sloping trend line going back into late June had been definitively broken would give way to lower prices all across the European equity markets. We were wrong."

He continued: