8/1/2012 Monthly ISM Manufacturing PMI (0400 HI time / 1000 EDT)
Previous revision: n/a
Started @ 88.50
1st Peak @ 88.43 – 0401 (1 min)
Reversal to 88.74 – 0406 (6 min)
Notes: Report fell slightly short of the forecast and came in below the threshold of 50 indicating a small contraction for the second month in a row. This caused a 7 tick short spike that should not have filled your JOBB order. After the initial spike did not fill and nothing in the next 10 or so seconds fills, close out and cancel the order. It appears the initial short spike could not go lower than the 20 SMA, indicating little bearish influence from the report. After the :02 -:04 bars chopped up and down, the reversal yielded a healthy 31 ticks to slice through the PP Pivot and peak at 88.73.