<i>First, markets move on information.</i><p>That's half true. Markets move from capital flows of institutions on much larger timeframes-- those flows are what create trends. There is an underlying auction process that facilitates trade and capital flow-- the auction process is the short term noise that is dominated by the larger money about 30% of the time.<p>Yesterday was a great example. Yes, the market had a big move on the news, and capital flows moved quickly out of domestic equities. But we also had rate problems coming out of China and weakness in European credit markets. To say that the brunt of the market movement was caused by a political speech does not correspond to reality.<p><i>it's informed speculation, or entertainment.</i><p>Yes! And the WSJ generally avoided that, until recently.<p><i>I think serious investors let this type of entertainment roll off of them</i><p>That is not reality, unfortunately.