10/1/2012 FED Chairman Bernanke Speech (0630 HI time / 1230 EDT)
Started @ 92.50
Peak @ 92.21 – 0639 (9 min)
Reverse to 92.59 – 0647 (17 min)
Notes: FED Chair Bernanke was on the defense this time in response to the critics of QE3. He vigorously defended the action taken as necessary and helpful and denied that the FED was enabling bid deficits. After the :31 bar rose for a few ticks, the market fell into a methodical 29 tick dive over 8 bars to nearly hit a double bottom at the 92.20 area from almost an hour earlier. The small rise initially hit the 100 SMA and fell, slicing through the 50 SMA. With JOBB, if you had not cancelled the order, you would have filled at about 92.43 short with no slippage. After it encountered mild support at the 50 SMA, I would close out at about 92.28 on the :35 bar for about 15 ticks. The reversal basically reclaimed the drop, crossing the 100 and 50 SMAs in 8 min after the peak for 38 ticks. Then it repeated the cycle and seesawed on either side of the 50 and 100 SMAs on top of each other.