CL 04 12 (1 Min) 02.16.12

2/16/2012 FED Chairman Bernanke Speech (0400 HI time / 0900 EST)
Forecast: n/a
Actual: n/a
SPIKE WITH 2ND PEAK
Started @ 101.62
Peak @ 101.84 – 0401 (1 min)
22 ticks

2nd Peak @ 102.17 – 0415 (15 min)
55 ticks

Reversal to 101.88 – 0421 / 0440 (21/40 min)
29 ticks (2x bottom)

Notes: Speech released at the same time as the open of the CL market. Positive catalyst for the market with no real retreat until the 2nd peak at 0415. It did achieve a possible “3rd peak” 3 ticks higher at 0434. When you see a pattern in the area of 0415 (large candle with little wick, then double top, and long wick followed by drop, this is a good indication the upward momentum has arrested…I would close in that area.