-072512.jpg "Click to enlarge")
7/25/2012 Weekly Crude Oil Inventory Report (0430 HI time / 1030 EDT)
Forecast: -0.1M
Actual: 2.7M
SPIKE WITH 2ND PEAK
Started @ 88.48
1st Peak @ 87.60 – 0434 (4 min)
88 ticks
2nd Peak @ 86.84 – 0506 (36 min)
164 ticks
Reversal to 87.49 – 0540 (70 min)
65 ticks
Notes: Healthy gain in supply when a tiny drop was expected caused a healthy downward spike and 2nd peak. With the market already selling off, the report went with the grain and continued the momentum. The 50 SMA was crossed at the origin, and the PP/S1 Pivots were also crossed enroute to the 1st peak. The 2nd peak eclipsed the S2 Pivot to bottom out at 86.84 in 36 min, then the reversal reclaimed 65 ticks 34 min later crossing the 50. With JOBB, I would have gotten out on 0434 bar with about 70 ticks on the board.