-112812.jpg "Click to enlarge")
11/28/2012 FED Beige Book (0900 HI time / 1400 EDT)
Forecast: n/a
Actual: n/a
DULL REACTION then UPWARD FAN
Started @ 86.23
Traded between 86.16 and 86.29 for 17 min
range of 13 ticks
Final Peak @ 86.74 – 1055 (115 min)
51 ticks
Reversal to 86.57 – 1146 (166 min)
17 ticks
Notes: The Federal Reserve said today that the U.S. economy was expanding at a measured pace last month, even as the northeast and Atlantic states were hurt by hurricane Sandy. Initially the report was stuck in a tight range in the middle of all 3 major SMAs in a tight fist with the S2 Pivot providing a floor at 86.16. After 17 min, the bulls finally broke loose to cause a modest rally of 51 ticks in the next 100 min. With JOBB, you would have cancelled the order after a dull :01 bar. With little movement in the DX it was difficult to discern which way the eventual breakout would go. Once it broke through the technical level of 86.38, it was free to continue moving higher. It eventually eclipsed the S1 Pivot by 6 ticks and could go no higher. The reversal fell only 17 ticks in the following hour as the trade volume dried up late in the US session.