Are we looking at the same markets? We are still below where we were, and a pullback after an initial legdown is expected. Look at the chart from 2008. Leg down, pull back, some time at the top of the roller coaster to look around, then the real big second leg down that just pummels the market.

Which markets? If you are referring to the S&P 500, hope is outweighing fear right now, I'll give you that. If you mean crude oil markets, well, they reflect the narrative. If you mean bond markets, yields are declining.

Also, it would be remiss of me not to point out that the markets != the real economy. They are correlated, but that correlation is not perfect. 20M newly unemployed Americans would disagree with you that things are largely unchanged from 3 months ago.