Jun 012012

CL 07 12 (1 Min) 06.01.12

6/1/2012 Monthly Unemployment Report (0230 HI time / 0830 EDT)
Non Farm Jobs Forecast: 151K
Non Farm Jobs Actual: 69K
Previous Revision: -38K to 77K
Rate Forecast: 8.1%
Rate Actual: 8.2%
Started @ 83.87
1st Peak @ 82.85 – 0231 (1 min)
102 ticks

2nd Peak @ 82.56 – 0237 (7 min)
131 ticks

Reversal to 83.76 – 0308 (38 min)
120 ticks

Notes: Strongly negative report across the board that fell short or the forecast with Jobs and the rate with a large downward revision to the previous report causing a healthy short spike and follow on 2nd peak. The market was already in a very bearish mood with the Euro-zone debt crisis, so after this news came out, things shifted into liquidation mode. With JOBB, you would have filled short at about 83.80 and had an opportunity to close out with at least 60 ticks. The initial drop ran out of gas at the S3 Pivot, then the 2nd peak was able to dip lower for 29 more ticks briefly before the reversal took hold. The reversal yielded 120 ticks in about 30 min after the 2nd peak.