CL 04 12 (1 Min) 05.25.11

5/26/2011 Quarterly Prelim GDP (0230 HI time / 0830 EDT)
Forecast: 2.2%
Actual: 1.8%
Previous Revision: n/a
SPIKE / RETRACE
Started @ 100.84
1st Peak@ 100.49 – 0232 (2 min)
35 ticks

Reversal to 101.19 – 0242 (12 min)
70 ticks

Notes: Report was strongly negative (0.4% off of the forecast is about the max that is typically seen). Solid 2 candle drop of 35 ticks followed by a 70 tick reversal up to the 100 SMA. During the reversal, the it paused, experiencing some resistance at the 50 SMA but eventually fought through it. I would close out around the PP line at 101.10 at 0246 after seeing 5 candles no longer go above the PP.