2/27/2013 FED Testimony (1000 EST)
Forecast: n/a
Actual: n/a
DULL REACTION
Started @ 92.50
1st Peak @ 92.58 – 1001 (1 min)
8 ticks
Reverse to 92.45 – 1004 (4 min)
13 ticks
2nd Peak @ 92.88 – 1013 (13 min)
38 ticks
Reverse to 92.70 – 1020 (20 min)
18 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, most of the air was let out of the balloon on the previous day testimony before the Senate Banking Committee and nothing surprising transpired in the Q & A. This was seen as an initial long dull reaction, then a slightly larger 2nd peak of 38 ticks in 13 min to cross the 200 SMA. Then we saw a reversal of 18 ticks before it chopped sideways approaching the oil inventory report at 10:30.