Aug 292012

CL 10 12 (1 Min) 08.29.12

8/29/2012 FED Beige Book (0800 HI time / 1400 EDT)
Forecast: n/a
Actual: n/a
Started @ 95.32
1st Peak @ 95.38 – 0803 (3 min)
6 ticks

Reversal to 95.25 – 0805/0808 (5/8 min)
13 ticks (2x bottom)

2nd Peak @ 95.66 – 0822 (22 min)
34 ticks

Reversal to 95.33 – 0911/0914 (71/74 min)
33 ticks

Notes: Report was modestly positive overall showing gradual growth in most sectors, with slowing growth in a few others. This caused a muted reaction overall. The market was in a choppy pattern heading upward before the report broke, so it continued in that pattern to nearly reach the S1 Pivot at 95.66. Then the prospect of QE3 was dampened as the report was digested to be just positive enough to make it less necessary. So the dollar rallied, and the CL fell to the level at the origin of the report . Not a recommended report for JOBB, but the initial behavior would have been a dull reaction and cause for canceling the order.