At 1:20 a.m. EDT, DaBoyz had bears seriously on the ropes. The E-mini S&Ps were up 12.25 points — the equivalent of a 100-point rally in the Dow — but even more menacing was the fact that the so-far high, 1075.75, exceeded by a full point the highest target one could have projected using the lesser charts. It was unclear whether there was news driving the mania, but if so it would have to be something very perversely “bullish,” such as a nuclear attack on South Korea, or word of a huge methane buildup in the Gulf of Mexico.
