Animal Spirits in Charge…

This morning, we see a situation where fundamentals are kind of dodgy but the market has taken a lift anyway. Traditional analysis will keep many traders on the sidelines.

I do think the markets are in some kind of state between those who feel the markets topped out on October 29th and we are in the early stages of a meaningful decline, and those who are of a bubble persuasion and find comfort in what we outlined yesterday, Washington is providing support for craziness.