CL 03 12 (1 Min) 07.08.11

7/8/2011 Monthly Unemployment Report (0230 HI time / 0830 EDT)
Non Farm Jobs Forecast: 97K
Non Farm Jobs Actual:18K
Previous Revision:-29K to 25K
Rate Forecast: 9.1%
Rate Actual:9.2%
SPIKE WITH 2ND PEAK
Started @ 99.96
1st Peak @ 98.67 – 0231 (1 min)
129 ticks

2nd Peak @ 97.75 – 0239 (9 min)
221 ticks

Final Peak @ 97.58 – 0256 (26 min)
238 ticks

Reversal to 98.64 – 0312 (42 min)
106 ticks

Notes: Strongly negative report came in well short of the forecast causing a healthy spike and follow on 2nd Peak . There was no strong retracement after the initial spike – it went back to to touch the S1 line and then fell off of a cliff up to 0240. I would close out after seeing fall through the S2 line and cross over 200 ticks – that is impressive. It spent the next 20 min going basically sideways, so you would not be hurt by staying in betting on another drop.