May 062012

6A 09 12 (1 Min) 05.06.12

5/6/2012 Monthly Retail Sales (1530 HI time / 2130 EDT)
Forecast: 0.3%
Actual: 0.9%
Previous Revision: +0.1% to 0.3%
Started @ 0.9989
1st Peak @ 1.0037 – 1531 (1 min)
48 ticks

Reversal to 0.9999 – 1532 (2 min)
38 ticks

Notes: Report strongly exceeded the forecast, with a small upward previous report revision. This caused a rapid and unsustainable long spike. The spike crossed all 3 major SMAs near the origin and found resistance at the S1 Pivot. As this report broke on a Sunday evening, it was not recommended for trading. The light volume of trading is evident in the length of the spike and the subsequent fall along with the bar behavior before and after the report. If you had used JOBB, you would have likely seen an excess of 10 ticks of slippage and come away with only a few ticks as it fell quickly.