4/30/2013 CNY Manufacturing PMI (2100 EDT)
Forecast: 50.8
Actual: 50.6
Previous Revision: n/a
DULL REACTION
Started @ 1.0340
1st Peak @ 1.0333 – 2101 (1 min)
7 ticks
Reversal to 1.0346 – 2119 (19 min)
13 ticks
Notes: Nearly matching report did little to impulse the traders. This caused a short spike of only 7 ticks that bottomed on the :01 bar. It crossed all 3 of the major SMAs on the small spike and bottomed on the R2 Mid Pivot / 200 SMA. The market had been trending slightly higher before the report. With JOBB, you would have filled short at about 1.0335 with 1 tick of slippage. Then you would have seen the typical dull behavior where it hovered between 1.0333 and 1.0337 for the next 2 min. Look to exit at Breakeven +/- 1 tick. After the 1st peak, it slowly reversed for only 13 ticks using the recently crossed support barriers to rebound in thin trading volume.