“Animal Spirits”…

“Animal Spirits” an analytical measure that we developed some years ago and use and spoke to in a post here on Tuesday, showed an amazing reading on the opening today. The reading was sharply higher than yesterday’s close and actually was near last Friday’s recent high reading. This implied that the market had a view that the low was going to be made on the opening today. In actuality the low “animal Spirits” reading for the day was made on the close.

The Bullishness in this market has not been addressed yet. Maybe the employment report tomorrow can bring things back for the bulls, if not, this will get really messy as 4400, down another 18%, on the S&P looms as a downside target.