-071212.jpg "Click to enlarge")
7/12/2012 Weekly Unemployment Claims (0230 HI time / 0830 EDT)
Forecast: 376K
Actual: 350K
SPIKE WITH 2ND PEAK
Started @ 84.66
1st Peak @ 84.78 – 0231 (1 min)
12 ticks
Reversal to 84.59 – 0233 (3 min)
19 ticks
2nd Peak @ 84.81 – 0239 (9 min)
15 ticks
Reversal to 84.47 – 0243 (13 min)
34 ticks (3x bottom)
Notes: Report came in better than expected with 350K when 376K was expected. This was a 4-year low on the raw data and face of it, but when the seasonal factors were considered, it muted the enthusiasm. The reading came in artificially low due to the 4th of July holiday. It falls into the category of a 2nd peak, but really is a dull report with only 15 ticks on a 2nd peak. The initial spike of 12 ticks eclipsed the 200 SMA, then fell to touch the 50 SMA, then climbed for a 2nd peak 3 ticks above the initial peak just above the 200 SMA. The reversal was strong to go for a triple bottom at the 84.47 level from an hour earlier.