-110912.jpg "Click to enlarge")
11/9/2012 World Agriculture Supply and Demand Estimates (WASDE) – Corn (0330 HI time / 0830 EST)
Forecast: n/a
Actual: n/a
SPIKE WITH 2ND PEAK
Started @ 743.25
1st Peak @ 735.75 – 0331 (1 min)
30 ticks
Reversal to 749.00 – 0332 (2 min)
53 ticks
2nd Peak @ 733.50 – 0334 (4 min)
39 ticks
Reversal to 743.75 – 0411 (41 min)
41 ticks
Notes: Report Reaction caused a short spike of 30 ticks, that was unsustainable crossing all 3 major SMAs near the origin and the PP – S2 Pivots. After hovering for 15 sec, it reversed and surrendered all of the short move, for a 53 tick long move up to the R2 Pivot, then fell again to match the 1st peak on the :32 bar. Prior to the report, the market had been trading in a very tight range as the HOD and LOD were only separated by 12 ticks. With JOBB, you would have filled short at 741.50 with no slippage, then had an opportunity to exit with about 20 ticks as it bottomed out below the S2 Pivot where it hovered. It achieved a 2nd peak of 9 more ticks on the :34 bar, then reversed for 41 ticks in the next 37 min, crossing all of the SMAs.