Oh wait. No, no it doesn't, really.
Actually not that great.
Especially when it's one of the coolest pieces you've worked on to date, and you had crafted it so lovingly, and you had really thought that it fit the magazine perfectly, and you even had a colleague introduce you to the editor-in-chief herself...nope.
Turns out, there's no Magic Bullet to getting a story accepted. I mean, I knew that. But rejection still sucks.
So you keep working. There's an editing job today, and one lined up for tomorrow. There are still several irons in the fire, other submissions that you're waiting to hear back from. And this is only one in a long string of rejections that are bound to come. You're a writer, after all. Writers, all writers, even very good writers, get rejected all the time. (Except for possibly Neil Gaiman.) It's a ridiculously large percentage: 9 out of 10, or 99 out of 100, or maybe even 993 out of 1000 submissions will be rejected. You just have to keep plugging away.
Besides, it's still a very good piece of writing, skillfully translated. There are other journals out there. Eventually, someone will bite.
They have to. Right?