-111512.jpg "Click to enlarge")
11/15/2012 FED Chairman Bernanke Speech (0820 HI time / 1320 EST)
Forecast: n/a
Actual: n/a
SPIKE WITH 2ND PEAK
Started @ 84.88
1st Peak @ 85.13 – 0826 (6 min)
25 ticks
Reverse to 84.98 – 0828 (8 min)
15 ticks
2nd Peak @ 85.53 – 0852 (32 min)
65 ticks
Reversal to 85.07 – 0908 (48 min)
46 ticks
Notes: FED Chair Bernanke spoke about the challenges to the housing and mortgage markets. Mostly a glim outlook caused a moderate weakening of the dollar and a corresponding rally in oil. With JOBB, you would have filled long at about 84.93 with no slippage. If you were patient, you could have exited on the :25 or :26 bars with 7-15 ticks. The market reversed for 15 ticks to close the gap to the 13 SMA , then rallied for a stepping final peak of 65 ticks 32 min after the speech started, nicking the 200 SMA. The reversal reclaimed 46 ticks, bottoming on the 100 SMA 16 min later. Then it chopped higher for a double top and more.