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Morgan Stanley's pessimistic note on the state of the global economy and the likelihood of a double dip sent shares of stocks across the financial sector into a hole today. The debt in Europe and weak U.S. home sales have been inescapable negative drivers for the sector.

The Federal Reserve Board's pessimistic assessment of the U.S. economy drove Hong Kong blue-chip stocks to a two-year low in heavy turnover.

The recent rally appears to be driven my invisible forces. Flat or pessimistic news regarding the global economy seems to inexplicably be driving the market upwards, but can it last?

The stock market recovered from earlier losses after a string of poor economic data threatened to curtail recent gains. The housing market may be forming a bottom, however.