Jan 162013

CL 02 13 (1 Min) 01.16.13

1/16/2013 FED Beige Book (1400 EST)
Forecast: n/a
Actual: n/a
Started @ 93.96
Traded between 93.85 and 93.98 for 14 min
range of 13 ticks

Final Peak @ 94.31 – 1430 (30 min)
35 ticks

Reversal to 94.12 – 1434 (34 min)
19 ticks

Notes: The Federal Reserve said today that the U.S. economy was expanding at a moderate pace last month, but faster than the pace of several months. This prompted analysts to expect the status quo for central bank action, thus generating little fireworks. Initially the report was stuck in a tight range with a short term low as the floor and the R1 as the ceiling for about 13 min. After that, it tested the short term low and bounced higher, fighting through all the major SMAs and the R1 Pivot for a final peak of 35 ticks as the pit closed. With JOBB, you would have cancelled the order after a dull 3 min. With little movement in the DX it was difficult to discern which way the eventual breakout would go. Once it broke through the R1 Pivot and 50 SMA, it was free to continue moving higher. It eventually peaked 5 ticks below the HOD. The reversal fell 19 ticks in the following 4 min nearly back to the 200 SMA after the pit closed.