6/6/2012 Weekly Crude Oil Inventory Report (0430 HI time / 1030 EDT)
SPIKE / REVERSE
Started @ 86.00
1st Peak @ 85.56 – 0432 (2 min)
Reversal to 86.17 – 0447 (17 min)
Notes: Smaller than expected loss in supply and offset of the forecast caused a decisive drop for 44 ticks. After looking at the internals of the report, the Cushing inventories grew more than expected, causing the drop. With JOBB you would have filled short at about 85.86 and had an opportunity for at least 15 ticks. The spike crossed the 50 SMA about halfway down the path of the :31 bar then the R2 Pivot on the :32 bar. After bottoming out 15 ticks lower than the R2 Pivot, the reversal reclaimed 61 ticks.