You are witnessing permabull logic. It works like this.
Maria on CNBC was so happy today bouncing up and down in her chair that the DOW closed off its lows that she probably wet her panties... listening to her, you would have figured the DOW closed up 200 points for the day.
If the market goes up, permabulls are excited, of course.
If the market is flat, permabulls are excited because it indicates "healthy consolidation" and "development of a much needed base"
If the market goes down but closes off the lows, permabulls are excited because "we closed off the lows, and showed suprising strength in the afternoon"
If the market closes down and right on the lows, but is off less than 300 points, permabulls are satisfied because "despite the rumors of a steep selloff, the market kept its composure and stayed above key resistance points"
If the market crashes 1500 points, "Actually, Maria, that shows that bears are overconfident. In a highly oversold condition, top hedge fund managers are buying with both fists at this once in a lifetime opportunity".
If the entire stock market went to zero, the economy ceased to exist, and we became hunter-gatherers, CNBC would report that "According to insiders, the best thing you can do with your seashells right now is invest in stocks for the long term."
If it was discovered that seashells were worthless and that society simply has no remaining medium of exchange, permabulls would declare that cave dwelling construction is the new hot sector and everyone should buy cave building calls.
There is no End to the permabull mindset. It is a mobius strip of hope and self-deception.