3/1/2012 FED Testimony (0500 HI time / 1000 EST)
DOWNWARD FAN / REVERSAL
*ISM Manufacturing report released at the same time caused the reaction up to 0530, after 0530 was due to FED Testimony.
Started @ 107.86 (0530)
1st Peak @ 106.70 – 0610 (40 min)
Reverse Peak 1 @ 107.70 – 0634 (64 min)
100 ticks (3x top)
Reverse Peak 2 @ 108.31 – 0726 (116 min)
Notes: FED Chair Bernanke Testifies on the semi-annual monetary policy report before the Senate Financial Services Committee. Caused a downward FAN for 116 ticks over 40 min, fighting through all major SMAs with ease. It then reversed for 161 ticks in the next 76 min while it was reined in by the 200 SMA for about 40 min before finally breaking long. Not an opportunity for JOBB, this is a watch and see what is going to happen with little predictability situation.