2/7/2012 FED Testimony (0500 HI time / 1000 EST)
SPIKE / RETRACE (into UPWARD FAN)
Started @ 97.27
1st Peak @ 96.88 – 0506 (6 min)
Reverse to 98.37 – 0525 (25 min)* not due to FED testimony
Notes: FED Chair Bernanke Testifies before Senate Budget Committee on economic outlook and federal budget situation. Comments made were mostly identical to the testimony before the House in the last week. This accounted for the lower volatility as there was no surprise. I would NOT have traded this report as it is a “repeat” not likely to have any shock value to the market. The large FAN was due to Greece nearing a deal with the EU, and concerns of future supply disruptions with the unrest in Iran and Nigeria.