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11/7/2012 Weekly Crude Oil Inventory Report (0530 HI time / 1030 EST)
Forecast: 1.8M
Actual: 1.8M
SPIKE WITH 2ND PEAK
Started @ 86.18
1st Peak @ 85.58 – 0533 (3 min)
60 ticks
2nd Peak @ 84.80 – 0601 (31 min)
138 ticks
Reversal to 85.54 – 0611 (41 min)
74 ticks
Notes: Matching report with caused a short move after a long correction happened prior to the report release. The dollar was rallying significantly causing the overall bearish sentiment. With JOBB, you would have filled short at about 86.02 with 6 ticks of slippage, then had an opportunity to get about 10 ticks or more as it hovered at near 85.90. It continued lower to hit a 1st peak of 60 ticks on the :03 bar, then traded sideways for 7 min. After achieving a 2nd peak to nick the R2 Pivot at 84.80 for 138 ticks, it reversed for 74 ticks just above the 50 SMA.