2/1/2011 Monthly ISM Manufacturing PMI (0500 HI time / 1000 EDT)
Previous revision: n/a
SPIKE / RETRACE
Started @ 98.77
1st Peak @ 98.89 – 0401 (1 min)
Reversal to 98.60 – 0402 (2 min)
Notes: Report fell mildly short of forecast causing a minor spike (in the wrong direction), and immediate reversal on the 0402 candle. Due to the fall of the market in the previous 30 min, reaction was probably priced in. Still this is an odd reaction as even a 0.5 disparity has caused a 30-40 tick 1st peak in the past. With JOBB, take the meager profit on the 0401 candle as the reaction is clearly underwhelming.