AlanM quoted Dr Chris Landsea:
Eight of these authorities agree that the globe is currently cooling. Only GISS disagrees.
Here "globe" should read "surface of the globe", they say nothing much about how heat is being stored below the surface, particularly in the oceans.
Imagine a standard hot water cylinder with a solar coil at the bottom. You're measuring the temperature of the pipes to and from the panels. Suppose that early in the morning the temperature of these pipes slowly rises as the sun gets on to the panels and the water around the coil warms. Sometime during the morning the water at the bottom of the cylinder gets sufficiently warmer than the water above that convection kicks in. The temperature of the pipes drops briefly despite the fact that heat is continuing to flow into the cylinder (in fact, it's now flowing in more quickly because of the lower temperature of the return water to the panel).
That's probably not a very good analogy with the global climate system because, as far as I know, there is no known effect of the increased warming on the ocean circulations (yet...) but it does illustrate what I think is a possible way that changes in the circulations (ENSO, PDO, NAO, etc) could reduce global surface temperature a bit without much affecting the way in which heat is accumulating.
This is something I'd
like to understand better.
Anyway, from my regressions GISS agrees for some recent periods, e.g., from any month in 2005 to end October 2009 it shows cooling; not that that's very interesting for the sort of reasons I speculated about above and also because it's too short a period to be statistically significant.