May 092012

CL 06 12 (1 Min) 05.09.12

5/9/2012 Weekly Crude Oil Inventory Report (0430 HI time / 1030 EDT)
Forecast: 2.0M
Actual: 3.7M
Started @ 95.38
1st Peak @ 95.63 – 0431 (1 min)
25 ticks

2nd Peak @ 96.53 – 0447 (17 min)
115 ticks

Reversal to 95.91 – 0502 (32 min)
62 ticks

Notes: Moderate gain in supply and small offset of the forecast caused a strong long reaction. This is the opposite reaction to the report as expected, but more than likely due to the bounce of the 95.17 level a few minutes before the report which was a test of a low not seen since December. With JOBB you would have filled long and been stopped on the small reversalIt sliced through all three major SMAs along with the S1 Pivot with ease. The reversal came back to the 200 SMA to just nick it.