12/15/2011 Monthly Philly FED Manufacturing Index (0500 HI time / 1000 EST)
Previous revision: n/a
SPIKE / RETRACE
Started @ 95.97
1st Peak @ 96.18 – 0501 (1 min)
Reversal to 95.40 – 0511 (11 min)
Notes: Report mildly exceeded forecast causing a meager spike and huge reversal . The 0401 candle crossed the 50 SMA about halfway up, thus still had a pull to reverse the direction. That would have been my cue to close out above the 50. The large drop after is abnormal with the positive report, but this is close enough to Christmas that trade volume is likely low created strange reactions.