Markets are filled with inveterate optimists. (For the record, I define myself as an optimist wrapped in a pessimist: my wife would add, Churchill fashion, "inside a nudnik"). If you are an economist, "things mean revert" or are "all about GDP"; as such, bad things don't happen or don't last. Just don't mention that they don't mean revert, or ask about how ISIS sees GDP, for example. If you are on the sell-side, you have to sell - we all have to eat. If you are on the buy side, you want markets higher - because you have to eat wagyu. If you are a financial journalist, you want market readers - and the opposite of the mainstream press "if it bleeds, it leads" mantra rules. As such, it was no surprise yesterday that markets tried to do exactly what I had flagged they would – retreated to their next strategic line of denial that "this is not a proper invasion of Ukraine proper", and then that "these are not proper sanctions".