CL 04 12 (1 Min) 08.18.11

8/18/2011 Monthly Philly FED Manufacturing Index (0400 HI time / 1000 EDT)
Forecast: 4.0
Actual:-30.7
Previous revision: n/a
SPIKE WITH 2ND PEAK
Started @ 85.24
1st Peak @ 84.25 – 0401 (1 min)
99 ticks

2nd Peak @ 83.75 – 0407 (7 min)
149 ticks

Reversal to 84.56 – 0418 (18 min)
81 ticks

Notes: Report strongly fell short of forecast causing a healthy spike, 2nd peak, and follow on reversal . Market was engaged in a downward FAN prior to the report and the market is below the S3 line, so there is no clear point of support to arrest the downward movement. Still with such a shockingly negative report, nothing was priced in and it fell significantly.