Here’s the thing about animal spirits.
They are not rational by definition. Propulsion is not guided by executive functioning. They are not frontal cortex.
Animal spirits are pre cortex. lower brain, instinctual, id, the amygdala.
Remove your preconceived notions of logic or the S&P’s historic P/E or job growth or even bollinger bands and how many standard deviations we might move away from a moving average.
Instead connect yourself, plug yourself into your distant ancestors who did not yet walk upright, who ate what they killed and lived and died by their wits. Take a swim and become one with the primordial water even…
Here’s the other thing about animal spirits.
They are normal, market native, periodic.
They are a phase as common as any other market phase. They arise regularly since there have been markets and this will always be the case.
Railing against them is a loser’s gambit.
Anyway, if you think we are in the midst of animal spirits as primary motivation of this market, then this move so far is peanuts.