CL 07 12 (1 Min) 05.23.12

5/23/2012 Weekly Crude Oil Inventory Report (0430 HI time / 1030 EDT)
Forecast: 0.8M
Actual: 0.9M
SPIKE WITH 2ND PEAK
Started @ 90.79
1st Peak @ 90.44 – 0431 (1 min)
35 ticks

Reversal to 90.73 – 0435 (5 min)
29 ticks

2nd Peak @ 90.18 – 0450 (20 min)
61 ticks

Reversal to 90.63 – 0456 (26 min)
45 ticks

Notes: Flat result overall as it matched the forecast and was near 0. With the market in a moderate downtrend prior to the report, the report essentially carried on with the trend. No SMAs were crossed, but the S1 Pivot provided resistance on the :30 and :31 bars to keep it from going long. With JOBB, you would have seen the long wick come near your stop, then back off. After no fill for 10 sec, close out. The drop did not occur until 30 sec into the :31 bar. This would have been safe, but after the initial dull reaction, the market has no predictable conviction. The 2nd Peak claimed another 26 ticks to end the overall downtrend. Then the reversal rose up to hit the 50 SMA.