CL 03 12 (1 Min) 08.01.11

8/1/2011 Monthly ISM Manufacturing PMI (0400 HI time / 1000 EDT)
Forecast: 55.0
Actual:50.9
Previous revision: n/a
DOWNWARD FAN
Started @ 98.72
1st Peak @ 97.93 – 0401 (1 min)
79 ticks

2nd Peak @ 94.28 – 0549 (109 min)
444 ticks

Notes: Report strongly fell short of forecast causing a healthy down spike and initiating a FAN. It is hard to say in this case where the influence of the report ends and the snowball just continues to roll down the hill, but it methodically fell without a significant reversal for almost 2 hrs. I would have probably closed out after the 0435 candle anticipating a reversal there, not knowing the future.