CL 03 12 (1 Min) 07.29.11

7/29/2011 Quarterly Advance GDP (0230 HI time / 0830 EDT)
Forecast: 1.7%
Actual: 1.3%
Previous Revision: -1.4% to 0.4%
DOWNWARD FAN
Started @ 97.59
1st Peak@ 97.08 – 0231 (1 min)
51 ticks

2nd Peak @ 95.81 – 0316 (46 min)
178 ticks

Reversal to 96.69 – 0357 (87 min)
88 ticks

Notes: Report was strongly negative, with a large previous downward revision. This contributed to the large downward fan. I would use the JOBB strategy here and stay in for about 45 min where the trend usually ends. I would close out around the S3 line @95.87. Also notice the hovering at the s2 line between 0230 and 0300, then the precipitous fall after the 0300 open. Then I would trade the reversal for about 30 min. The report was so negative, that the reversal was miniscule in comparison to the initial move.