So how does it feel to have witnessed one of technology’s little miracles this week?

I mean Yahoo’s stock price successfully defying gravity.

It’s as close as any of us will ever get to an apparition of the Virgin Mary floating on a cloud without any visible means of support.

Apparently Wall Street isn’t convinced that Microsoft has indeed pushed on despite leaks that it has reached out instead to Facebook, another company with an inflated view of itself.

Microsoft is supposedly interested in buying the 98.4% of Facebook it doesn’t own. Remember last year it took a 1.6% position in the social networking site for $240 million and serves ads to the thing.

Facebook then thought it was worth $15 billion. Goodness knows what it thinks now and whether founder Mark Zuckerberg could bring himself to sell rather than IPO.

Facebook is expecting to do $300 million-$350 million in revenue this year, double or better last year, on the back of 110 million visitors a month now

The news has also leaked – great how that happens – that Microsoft has released its slate of substitute directors, the guys it was going to install at Yahoo if it made a hostile run on the company.

They are now free to be nominated by Yahoo’s own stockholders if the stockholders can stay angry long enough to try to unseat Yahoo management all by themselves. They have to move in the next few days. Yahoo set its stockholders meeting for July 3.

Microsoft folk like Bill Gates and Craig Mundie have sent little messages through the press saying Microsoft has washed its hands of Yahoo and its CEO, who effectively stood on a street corner and lit a victory cigar with a $47.5 billion-dollar bill.

He’s apparently more comfortable sticking his head in the lion’s mouth and cutting a deal with Google, if he can get it. Google suddenly seems a lot more ambivalent than it was about helping out its rival. Google CEO Eric Schmidt said Thursday there was no deal yet, only reason to talk.