CL 09 12 (1 Min) 07.18.12

7/18/2012 FED Testimony (0400 HI time / 1000 EDT)
Forecast: n/a
Actual: n/a
SPIKE / REVERSE
Started @ 89.67
Peak @ 89.46 – 0401 (1 min)
23 ticks

Reverse to 89.79 – 0406 (6 min)
35 ticks

Notes: FED Chair Bernanke Testifies on the semi-annual monetary policy report before the House Financial Services Committee (day 2). Do not trade day 2 with JOBB. In this case, most of the air was let out of the balloon on the previous day testimony before the Senate Banking Committee and nothing surprising transpired in the Q & A. The span of :00 to :07 bars was a replay of what happened the day before on a much smaller scale. After the :08 bar, it traded sideways staying afloat on the 50 SMA until the oil inventory report took over to influence the market.