Will the market continue to climb the wall of worry?

Things are getting worse, but is Europe even a concern anymore?

Economist - New European economic forecasts - The ever-receding recovery - The Economist - Economics
http://www.economist.com/
Our economics correspondents consider the fluctuations in the world economy and the policies intended to produce more booms than busts. New European economic forecasts. The EC now expects the Portuguese economy to contract by 1.9% compared with its November forecast of a 1% fall.