ls, soft link, unmounted: bug?

[Mike - EMAIL IGNORED]

Using FC7, recent yum update, on a dual boot laptop,
I have a soft link to a directory that is available
only via a cifs mount.  When mounted, the link was
created with:
   ln -s /mnt/target/dir1/dir2/file theLink
When when the cifs is unmounted, I expect theLink
to blink red.  It does this for:
   ls theLink
   ll theLink
but not for:
   ls *
in the directory that contains theLink. A bug?

Mike.