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2/28/2012 Monthly Durable Goods Orders (0330 HI time / 0830 EST)
Core Forecast: 0.0%
Core Actual:-3.2%
Previous revision: none
Regular Forecast: -0.8%
Regular Actual:-4.0%
Previous Revision:+0.2% to 3.2%
SPIKE WITH 2ND PEAK
Started @ 108.48
1st Peak @ 108.03 – 0333 (3 min)
45 ticks
2nd Peak @ 107.62 – 0347 (17 min)
86 ticks
Retrace to 108.27 – 0423 (53 min)
65 ticks
Notes: Report came in extremely negative as the economic websites reported the worst reading in 3 years. The core report and regular report disappointed causing a much larger than normal drop. I did not anticipate the 2nd peak and closed at 108.05 on the 0333 candle as it bounced off of the S1 line there. From 0340 – 0347 had a drastic secondary drop of 60 ticks to achieve a 2nd peak of 86 ticks. Then reversed 65 ticks over 36 minutes for a total influence period of nearly an hour. Remember to be patient if trading the reversal. *Drop at 0401 was due to the CL open.