There has been an avalanche of bad economic news as of late, giving the bears impetus to bang the market down, and giving the bulls no reason to buy.  (Well, the smart bulls. - ed.)

However, there is evidence that a few green shoots are popping up in the economy.

In a recession as bad as this one, here is what passes for optimism: Some economists say the wrenching pace of the downturn may be slowing.

Two gauges of retailing and manufacturing activity measured by the Institute for Supply Management crept up a bit in January. Manufacturing shrank at a slower rate in January from December, and new orders rose slightly, according to the group.

“They’re still signaling negative growth, but just not as negative as they were a few months ago,” Mr. Kasman said.

Last week, the Commerce Department reported retail sales crept up 1 percent in January as stores slashed prices. It was a small rise after six straight months of declines, and economists cautioned that sales were likely to slip again as consumers curtail spending.

Sales of existing homes jumped an unexpected 6.5 percent in December, the National Association of Realtors reported last month, as buyers took advantage of falling mortgage rates.

Some negatives looked a little less negative. Consumer credit slid 3.1 percent in December, according to the Federal Reserve, a sign Americans were shunning their charge cards, but the drop was slightly less than November’s 5.1 percent slide.

And although the United States imported and exported 5.7 percent less in goods and services in December, the drop in trade volumes was a shade less breathtaking than November’s 9.4 percent.

Some have also seized on a recent upturn in the Baltic Dry Index, which measures the cost of shipping raw goods like copper, steel and iron. The index cratered last fall as global growth halted, and analysts smelled whiffs of renewed demand as the index more than doubled from its lows.