-082312.jpg "Click to enlarge")
8/23/2012 Weekly Unemployment Claims (0230 HI time / 0830 EDT)
Forecast: 365K
Actual: 372K
DULL REACTION then SPIKE WITH 2ND PEAK
Started @ 97.84
1st Peak @ 97.79 / Reverse to 97.88 – 0233 (3 min)
-5 ticks / 4 ticks
Peak @ 97.45 – 0235 (5 min)
39 ticks
Final Peak @ 97.36 – 0301 (31 min)
48 ticks
Reversal to 97.73 – 0318 (48 min)
37 ticks
Notes: Report came in worse than the forecast by only 7K jobs. This small deviation did not cause a strong reaction initially as the market strayed only 5 ticks away from the origin. However as the gravity of the first reading in a month to be worse than 370K set in, the bears drove the market for a strong delayed 39 tick short move. With JOBB, you should have canceled due to the dull reaction with no fill in 10 sec. After the drop, it chopped sideways for 25 min, then achieved a smaller 2nd peak of 9 more ticks after the pit open before the reversal advanced to eclipse the R1 Pivot.