Welcome to backwards land. The Dow Jones ended down more than 440 points last night and the FTSE 100 climbs more than 80 points in the first half hour of trading.
Profits at British Airways - which let's not forget is the largest airline in the fifth largest economy in the world - plunge 90% at the half year and its shares are the highest riser among the blue chips, up 14% at 149.5p.
Traders, of course, point out that yesterday's rate cut has boosted hopes that the UK economic juggernaut can be turned around and that has helped London's leading shares shrug off Wall Street's decline.
They are, of course, the same traders who were selling shares yesterday - pushing the index down more than 250 points - saying the monetary policy committee's unprecedented move signaled that the UK economy was in a much worse state than anyone but its nine members had realised.
Looking at the forex markets, the picture is just as confused. Sterling shot up yesterday after the rate cut - when everyone said it should collapse - as everyone hailed the arrival of the interest rate cavalry. This morning it is on the slide on fears that, actually, we are all doomed after all.
As for British Airways, analysts are happy that the company will make a small profit this year. OK, they said exactly the same thing back in August but since then the Square Mile has lost all confidence. Even in things it thought just a few hours ago.
