While good news is good news for China (given the overnight moves post-PMI), it appears good news is not good news for US assets. As ISM and construction spending 'beat' expectations, taper chatter removed snapped bond yields higher and gold and silver prices lower instantaneously. Equity prices also fell but S&P 500 futures found support once again at the 1801 level and bounced on the back of "help" from EURJPY.
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For stocks then - good news is good news (justifying nosebleed valuations) and bad news is good news (Fed will support nosebleed valuations)... "can't lose, right?"
