NBA Writer Matt Moore used this phrase to describe the Brooklyn Nets victory over the Milwaukee Bucks, but the phrase comes from the world of finance. It is used to describe a small temporary jump in a stock in the middle of a disastrous decline. The naive will see this as recovery and unwisely buy.
There does not seem to be any consensus as to whence the phrase originates, but the idea is that even a dead cat will bounce if you drop it from high enough. It first seems to have been used in print in a 1985 Financial Times article by Chris Sherwell.