CL 09 12 (1 Min) 08.01.12

8/1/2012 Weekly Crude Oil Inventory Report (0430 HI time / 1030 EDT)
Forecast: -1.5M
Actual: -6.5M
SPIKE/REVERSE
Started @ 88.63
1st Peak @ 89.20 – 0431 (1 min)
57 ticks

Reversal to 88.27 – 0514 (44 min)
93 ticks

Notes: Much bigger loss of inventory than expected caused a healthy long spike for 57 ticks in 1 min. With JOBB, you would have filled long at about 88.78, then had an opportunity to get at least 30 ticks or more with ease. All the SMAs were below the trading action, so the spike did not cross any barriers. The reversal chopped lower, crossing all 3 major SMAs and the PP Pivot, andfinally reaching a low of 88.27 about 45 min after the report.