Jun 272012

CL 08 12 (1 Min) 06.27.12

6/27/2012 Weekly Crude Oil Inventory Report (0430 HI time / 1030 EDT)
Forecast: -0.5M
Actual: -0.1M
Started @ 80.71
1st Peak @ 80.45 / Reverse to 80.92 – 0431 (1 min)
-26 ticks / 22 ticks

2nd Peak @ 79.78 – 0516 (46 min)
93 ticks

Notes: Perfect recipe for an indecisive report…nearly matched the forecast and came in just 100k barrels away from the zero line. This caused a double wicker that went short then long. With JOBB, you would have filled short, then been stopped out instantly. This is the case the stop loss is meant to protect against. After the initial indecision, the market went short fighting the previous bullish trend and all 3 SMAs and the R2 Pivot, bottoming out just below the R1 Pivot. I would not trade after the results, even after the move started short, due to the unpredictability and the SMAs in the way.