Jul 192012
 


CL 09 12 (1 Min) 07.19.12

7/19/2012 Monthly Philly FED Manufacturing Index (0400 HI time / 1000 EDT)
Forecast: -7.9
Actual: -12.9
Previous revision: n/a
SPIKE WITH 2ND PEAK
Started @ 92.03
1st Peak @ 91.65 – 0403 (3 min)
38 ticks

Reversal to 91.89 – 0405 (5 min)
24 ticks

2nd Peak @ 91.60 – 0414 (14 min)
43 ticks

Reversal to 92.04 – 0431 (31 min)
44 ticks

Notes: Report fell moderately short of the forecast causing a healthy short spike, that eclipsed the 50 SMA. It then reversed for 24 ticks, bouncing off of the 50 SMA, but was able to carve out a 2nd peak for 5 more ticks to just above the 100 SMA before reversing for 44 ticks. The overall trend before the report was bullish, so even with a negative report, the reversal reclaimed all of the drop from the initial reaction. Then the market continued higher in the long run. With JOBB this would have been a great setup to take at least 12 ticks on the :01 bar and at least 20 if you rode it to the 50 SMA.