CL 04 12 (1 Min) 10.20.11

10/20/2011 Monthly Philly FED Manufacturing Index (0400 HI time / 1000 EDT)
Forecast: -9.0
Actual:8.7
Previous revision: n/a
SPIKE / RETRACE
Started @ 86.81
1st Peak @ 87.36 – 0401 (1 min)
55 ticks

Reversal to 86.75 – 0408 (8 min) /
61 ticks

Notes: Report exceeded forecast causing a healthy spike, and larger reversal . The reversal below the pre-report value, and the nature of the second rise to fall short of the 0401 spike and take 15 min to happen keep this from being a SPIKE WITH 2ND PEAK case, although if the spike had been greater, it could have been. When the 0401 spike crossed the 100 SMA and the 200 SMA (halfway up), it had to pull back. If the spike had been another 20 to 30 ticks higher, then the pull of the 200 to retrace would have been less, and a 2nd peak at about 0405-0408 would have likely occurred.