Well the animal spirits are strong again this morning with the futures up overnight. Google’s beat-the-number results last night probably at the heart of it, Google up to 340 or so in pre-opening trading. This puts Google’s market cap up to $100 billion, more or less, for a price-to-sales ratio of about 15. Brokerage houses are falling all over themselves to raise price targets to $400, $450 and beyond. Another entry for the what-were-they-thinking diary.

Anyway, Lowry’s correctly foreshadowed yesterday’s reversal of Wednesday’s rally by showing very weak demand on Wednesday despite the large rise in the “popular indexes” as Lowry’s calls them. Yesterday, selling pressure rose significantly will buying pressure dropped, showing the bears still having the upper hand per Lowry’s measurements. Will Google and a further drop in the price of oil (to just under $60) be enough to regenerate demand for stocks? We’ll see….