CL 04 12 (1 Min) 02.16.12

2/16/2011 Monthly Philly FED Manufacturing Index (0500 HI time / 1000 EST)
Forecast: 9.0
Actual:10.2
Previous revision: n/a
SPIKE WITH 2ND PEAK
Started @ 101.87
1st Peak @ 102.26 – 0502 (2 min)
39 ticks

2nd Peak @102.26 – 0506 (6 min)
39 ticks

Reversal to 102.00 – 0510 / 0514 (10 min) / 101.90 – 0526 (26 min)
26 ticks (2x bottom) / 36 ticks

Notes: Report mildly exceeded forecast causing a larger than expected spike, 2nd peak, and follow on reversal . The 0401 candle crossed the 50 SMA and PP line upward at about the halfway point, which often causes a pullback and full reversal. SInce the 0401 candle closed 1 tick below its max value, it is worth waiting to see what the 0402 does. It retraced only 3 ticks before rising another 20. I would get out when it hovered at the 100.25 level for more than 8 sec.