6/6/2012 FED Beige Book (0800 HI time / 1400 EDT)
SPIKE WITH 2ND PEAK
Started @ 85.14
1st Peak@ 84.93 – 0810 (10 min)
2nd Peak @ 84.75 – 0827 (27 min)
Reversal to 85.23 – 0838 (38 min)
48 ticks (4x top)
Notes: Report was satisfactory overall showing moderate growth in most sectors, with modest or slowing growth in a few others. This caused a muted reaction overall. Since the market was in a downtrend before the report broke, it continued in that prevailing direction. At the release it closed the gap long up to the 13 SMA, but could not get any higher. Then it went sideways and fell. After bottoming out on the :27 bar, it reversed upward for 48 ticks then chopped sideways. With nothing overly positive or negative to solidify expectations of QE or other easing, the markets were tame. Not a good setup for JOBB, and no clear direction after 5 min.