-010913.jpg "Click to enlarge")
1/9/2013 Weekly Crude Oil Inventory Report (1030 EST)
Forecast: 0.9M
Actual: 1.3M
SPIKE WITH 2ND PEAK
Started @ 93.43
1st Peak @ 93.18 – 1031 (1 min)
25 ticks
Reversal to 93.37 – 1032 (2 min)
19 ticks
2nd Peak @ 92.68 – 1046 (16 min)
75 ticks
Reversal to 93.12 – 1120 (50 min)
44 ticks
Notes: In spite of a nearly matching reading in crude inventories, gasoline and distillates both saw extremely large gains. This prompted a short move that crossed both the 100 and 200 SMAs and eclipsed the PP Pivot. With JOBB, you would have filled short at about 93.28 with 5 ticks of slippage, then had an opportunity to get about 8 ticks as it eclipsed the PP Pivot. After the 1st peak, it reversed from the strong support of the 200 SMA and PP Pivot for 19 ticks. Then after about 5 min, it fought through and fell for a 2nd peak of 75 ticks in about 10 min. Then it reversed back up to cross the 50 SMA and chop sideways for 44 ticks in about 35 min.