Sep 072011

6A 03 12 (1 Min) 09.07.11

9/7/2011 Monthly Unemployment Report (1530 HI time / 2130 EDT)
Non Farm Jobs Forecast: 10.7K
Non Farm Jobs Actual:-9.7K
Previous Revision:-4K to -4.1K
Rate Forecast: 5.1%
Rate Actual:5.3%
Started @ 1.0410
1st Peak @ 1.0351 – 1531 (1 min)
59 ticks

Reversal to 1.0377 – 1536 (6 min)
26 ticks

Notes: Strongly negative report that fell short of the forecast with a negative revision to the previous report causing a large spike downward. The market shot down 25 ticks in the first second, then retraced 30, repeated the seesaw, and after 2 sec, fell another 30 ticks and then hovered at the low point of 59 ticks for 14 sec. Close out there as it retraced up 20 ticks after that. Due to such a negative report, the reversal was not even half the magnitude of the spike, and it eventually settled down near the bottom of the spike.