11/30/2011 FED Beige Book (0900 HI time / 1400 EST)
SPIKE / REVERSAL (REPEATED)
Started @ 100.70
1st Peak @ 101.15 – 0909/0912 (9/12 min)
45 ticks (2x top)
Reversal to 100.70 – 0919 (19 min)
Reversal to 100.59 – 0930 (30 min)
Notes: Report was satisfactory overall showing moderate broad based growth in all 12 sectors. This caused a short term spike and then a seesaw until 0930 when the reversal hit bottom and again at 0950-0955. I would not use the JOBB software (even though it would have worked in this case), wait until seeing the activity in the first 3-5 min. Since it bucked the trend of the FAN already in progress and reversed upward, you could get in a long trade and expect it to go to the 200 / 100 SMAs and then close out after the double top at 101.15 @ 0909/0912. After seeing the double top, I would place a short order in the 101.10 area and ride it down to the 100.75 area since that is just above where the report broke at 0900.