CL 08 12 (1 Min) 07.05.12

7/5/2012 Weekly Unemployment Claims (0230 HI time / 0830 EDT)
Forecast: 385K
Actual: 374K
SPIKE WITH 2ND PEAK
Started @ 87.95
1st Peak @ 87.77 – 0231 (1 min)
18 ticks

2nd Peak @ 87.51 – 0234 (4 min)
44 ticks

Reversal to 87.74 – 0235 (5 min)
23 ticks

Notes: Report came in better than expected with 374K when 385K was expected. The market had recently hit a 3 week high of 89.00 and was strongly correcting lower. The claims were not enough to bring the bulls back into the market, so it was caught in the selloff. The market fell much more, but not due to the claims.