-083012.jpg "Click to enlarge")
8/30/2012 Weekly Unemployment Claims (0230 HI time / 0830 EDT)
Forecast: 370K
Actual: 374K
SPIKE WITH 2ND PEAK
Started @ 95.58
1st Peak @ 95.28 – 0235 (5 min)
30 ticks
2nd Peak @ 95.20 – 0238 (8 min)
38 ticks
Reversal to 95.40 – 0248 (18 min)
20 ticks
Notes: Report came in mildly worse than the forecast by only 4K jobs. The market must have been in an overbought condition prior to the report to cause such a strong short reaction on a tepid report. With JOBB, you would have filled short at about 95.52 with minimal slippage. Since this report normally peaks on the :31 bar and all 3 major SMAs are acting as support, look to close out at or near the 50 SMA with 5-6 ticks. It continued lower for 30 ticks in 5 min and 38 ticks in 8 min, crossing all 3 major SMAs. Then it reversed to recover 20 ticks and got stuck between the 100 and 200 SMAs for several minutes.