ES Soars On Hope, QE3 (Non-Lite) Expectations, Takes Out 100 SMA

We wish there was something tangible we could attribute the sudden surge in the E-Mini S&P contract to, but we can't. This is just the latest repeat of the hope as an upside catalyst thesis. Oh, and QE3 of course. We are confident, that unlike all previous times, the market's hope that math does not matter when bailing out insolvent countries, will be justified.

Today, it appears the 100 SMA is the self-fulfilling prophecy catalyst.