12/5/2012 Weekly Crude Oil Inventory Report (0530 HI time / 1030 EST)
SPIKE WITH 2ND PEAK
Started @ 88.40
1st Peak @ 88.06 – 0531 (1 min)
Reversal to 88.55 – 0536 (6 min)
2nd Peak @ 87.46 – 0556 (26 min)
Reversal to 88.34 – 0706 (96 min)
Notes: In spite of a moderate drop in crude inventories, gasoline and distillates both saw extremely large gains. This prompted a short move. With JOBB, you would have filled short at about 88.29 with 1 tick of slippage, then had an opportunity to get about 10 – 20 ticks as it finished the :31 bar extending the LOD. After the 1st peak, it reversed in the following 5 min as the bulls rallied on the crude #s only, then fell for a rapid and dramatic 2nd peak of nearly 100 ticks. Then it reversed back up to cross all 3 major SMAs and eclipse the PP Pivot in the following hour for 88 ticks.