CL 07 12 (1 Min) 05.24.12

5/24/2013 Monthly Durable Goods Orders (0230 HI time / 0830 EDT)
Core Forecast: 1.1%
Core Actual:-0.6%
Previous revision:+0.3% to -0.8%
Regular Forecast: 0.5%
Regular Actual:0.2%
Previous Revision:+0.5% to -3.7%
SPIKE/RETRACE
Started @ 90.62
Peak @ 90.40 – 0234 (4 min)
22 ticks

Retrace to 90.74 – 0238 (8 min)
34 ticks

Notes: Report came in fairly negative overall with the current reports disappointing while the previous revisions were mildly positive. Report was released at the same time as the weekly unemployment claims, which came in matching at 370K. The spike crossed no SMAs or Pivots, but was engaged in a slow downtrend over the previous 90 min, so the oversold market was reluctant to go short much on the bearish news. With JOBB you would have filled short and had an opportunity to close out with about 10 ticks on the :32 bar. The reversal fought through all 3 SMAs to eclipse the 100, before pulling back.