CL 02 13 (1 Min) 01.17.13

1/17/2012 Monthly Philly FED Manufacturing Index (1000 EST)
Forecast: 7.1
Actual: -5.8
Previous revision: n/a
SPIKE/REVERSE
Started @ 95.40
1st Peak @ 95.30 – 1001 (1 min)
10 ticks

Reversal to 95.71 – 1016 (16 min)
41 ticks

Notes: Report strongly fell short of the forecast with a delta of nearly 13, but this caused a much smaller than expected short spike of only 10 ticks. The market had been rallying over the last few hours, but was not ready to sell yet. The spike hit the 50 SMA, and could go no lower. With JOBB, your order would have filled at 95.32 with 1 tick of slippage. Since it never fell below the 50 SMA, look to get out at break even. The reversal achieved 41 ticks in 15 min to extend the HOD another 20 ticks.