After yesterday's about face erasing all of Wednesday's rout and adding a few additional points to the SPX does it mean that Ken Chenault, CEO of American Express (AXP) was right all along when he said; "Today, while there is still reason to be cautious about high unemployment levels, we are seeing broad-based improvements in credit quality, the trends in card member spending are encouraging, and there are signs that the recession may be approaching an end.", while discussing 3Q09 earnings?

After all, haven't we been bludgeoned with the eco-snippet that 70% of our GDP is driven by the consumer and while possibly at the higher end of the spending spectrum don't most "card members" use their cards for consuming?

The market, since 10/22, seemed more wiling to focus on the negative side of the equation with Burlington Northern Santa Fe's (BNI) earnings conference call being one of the key drivers off the cliff earlier in the week.  John Lanigan, CFO of BNI, also talked about "key drivers" during that call to say; "The weakness in our consumer product's higher rated segments was a key driver of the change in mix".