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9/6/2012 Weekly Unemployment Claims (0230 HI time / 0830 EDT)
Forecast: 369K
Actual: 365K
SPIKE/REVERSE
Started @ 96.34
1st Peak @ 96.50 – 0231 (1 min)
16 ticks
Reversal to 96.07 – 0233 (3 min)
43 ticks
Notes: Report came in mildly better than the forecast by only 4K jobs. With little impetus from the claims, most of the reaction was due to the ECB press conference happening at the same time to influence the EURO and $ strength. The initial spike crossed all 3 major SMAs then hit the R2 Pivot to fall from the resistance. With JOBB, you would have filled long at 96.41 with no slippage, then had an opportunity to close with a handful of ticks in the next 15 sec before the market fell. The initial press conference prepared statement and the follow on Q and A drove the choppy trading in the next 45 min.