Several people, including Mark Perry over at Carpe Diem, are becoming bullish about the economy. The stock markets seem to be going with them, rising from bottoms over the last month.
Don't buy in. Yes, manufacturing inventories are dropping, but that's because factories are closing or furlowing, dropping supply, not because of an increase in demand. The fundamental problem, a crushing debt load, hasn't yet been solved.
Until all of that debt is unwound, one way or another, this economy is a dead cat bouncing.