3/13/2012 FOMC Statement / FED Funds Rate (0815 HI time / 1415 EST)
Started @ 106.86 (0815)
1st Peak @ 106.72 – 0816 (1 min)
Reversal to 107.18 – 0821 (6 min)
46 ticks (2x top)
2nd Peak @ 106.62 – 0829 (14 min)
Then continued alternating reversal / peak until 0940
Notes: Report released on time, but the FED largely “voted present” leaving all aspects of current policy unchanged and not hinting at new policy changes in the future. No allusion to QE-3 (either taking it off the table or describing it as a future necessity) was made. This caused a long term roller coaster in the market with no discernible positive or negative trend. The first 10 minutes after the release were volatile with large alternating red and green candles of large magnitude and long wicks/tails. After seeing watching the news at the time of the release and seeing the market reaction, I would stay out of this report. The only safe thing.