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6/8/2012 Monthly Unemployment Report (0230 HI time / 0830 EDT)
Forecast: 10.0K
Actual: 7.7K
Previous Revision: n/a
Rate Forecast: 7.3%
Rate Actual: 7.3%
SPIKE / REVERSE
Started @ 0.9676
1st Peak @ 0.9654 – 0231 (1 min)
22 ticks
Reversal to 0.9682 – 0235 (5 min)
28 ticks
Notes: Slightly negative report showing a smaller than expected # of jobs created compared to what was expected with no change in the unemployment rate. Not surpirisingly the market shorted for only 22 ticks, and pulled back sharply. The pullback was aide by the crossing of all 3 major SMAs and the S3 Pivot. With JOBB you would have filled short at about 0.9663. The move to 0.9654 and bounce was almost instantaneous, then the market hovered between a 2 tick profit and 9 tick loss. I would move the stop loss to 0.9674, just above the 200 SMA and place an exit at 0.9665 just below the 100 SMA looking to take a 2 tick loss. The volume dried up at the end of the :31 bar, but the 0.9665 exit would have filled on the :32 bar before the reversal headed to 0.9682 3 min later.