-083012.jpg "Click to enlarge")
8/30/2012 Weekly Natural Gas Inventory Report (0430 HI time / 1030 EDT)
Forecast: 65B
Actual: 66B
INDECISIVE
Started @ 2.688
1st Peak @ 2.637 / Reverse to 2.697 / Settle @ 2.676 – 0431 (1 min)
-51 ticks / 60 ticks / -23 ticks
Reversal to 2.730 – 0440 (10 min)
54 ticks
Notes: Nearly matching report met the expected gain in supply from the forecast caused a strong double wicker on the :31 bar. It shorted 51 ticks in 1 sec, then reversed 60 ticks 30 sec later before dropping 23 ticks to settle at 2.676 as the :31 bar expired. With JOBB, after 20-25 ticks of slippage, you would have filled short at about 2.662, then seen it reverse and hover 3-10 ticks in the red for about 8 sec. Close out there with about 8 ticks loss to avoid the stop loss of 15+ ticks. The market was trading sideways before the report, yet all 3 major SMAs were below the market action. The initial spike crossed all 3 major SMAs and the PP Pivot before bottoming out just above the S1 Pivot. The reversal eventually climbed above the 3 major SMAs and crossed the R1 Pivot to peak at 2.730.