The global stock markets have been trading as if risk has been entirely removed the equation. Fundamentals have had zero impact on the prices of equities as they have gone up on good news (hey, the economy is improving!) as well as bad (hey, there's more stimulus on the way!).
We saw this same level of rationalization in play in 2006 and 2007. It was as frustrating to those with an eye towards rational thinking then as it is today.
Only today is worse. A lot worse.