Aug 242012

CL 10 12 (1 Min) 08.24.12

8/24/2012 Monthly Durable Goods Orders (0230 HI time / 0830 EDT)
Core Forecast: 0.5%
Core Actual: -0.4%
Previous revision: -1.1% to -2.2%
Regular Forecast: 2.6%
Regular Actual: 4.2%
Previous Revision: n/a
Started @ 96.07
Peak @ 96.01 (1 min)
6 ticks

Notes: Report came in as a mixed bag. The more influential core reading came in worse than expected with a downward revision to the previous report. This was offset by a strong regular reading exceeding the forecast by a greater margin that the core disappointed. This all resulted in traders seeing it as a wash and having no impetus to buy or sell. With JOBB you would never have seen the market get closer than 1 tick to your bracket with a 7 tick buffer. Following the guidance, cancel the order when it did not execute in 10-15 sec. You would have been safe in this case anyway until the :34 bar finally broke out of the tight trading range short. No SMAs influenced the trading, so the balance of information must have truly straddled the line of positive/negative.