CL 04 12 (3 Min) 07.14.11

7/14/2011 FED Testimony (0400 HI time / 1000 EDT)
Forecast: n/a
Actual: n/a
DOWNWARD FAN (delayed)
Started @ 100.21 (0430)
Peak @ 96.06 – 0722 (172 min)
415 ticks

Reverse to 97.65 – 0818 (228 min)
159 ticks

Notes: FED Chair Bernanke Testifies on the semi-annual monetary policy report before the House Financial Services Committee (day 2). Do not trade day 2 with JOBB. in this case the surprise hit at 0430 during the QandA session when Bernanke quashed hopes of further stimulus after alluding to it the day before. The oil market fell off of a cliff in a long protracted downward FAN.