CL 03 12 (1 Min) 12.27.11

12/27/2011 Monthly CB Consumer Confidence (0500 HI time / 1000 EST)
Forecast: 58.5
Actual: 64.5
Previous revision: -0.8 to 55.2
SPIKE / RETRACE or PRICED IN
Started @ 100.79
1st Peak @ 100.86 – 0501 (1 min)
7 ticks

Reversal to 100.49 – 0516 (16 min)
37 ticks

Notes: Report strongly exceeded forecast but the previous revision was downward. This should have caused a healthy spike but did not for 2 reasons: 1) This is Christmas season so low volume, 2) the last 20 min saw a large rise in the market so most of the reaction was priced in, yielding a muted reaction. I would not trade based on #1, but even if I had setup a JOBB, I would close out before it filled with the dull reaction.