Without RTA, I don't think I agree with your comment. For two reasons.<p>First, markets move on information. Maybe one piece of big, important information, like a war, or more generally millions of bits of information. But it is a reasonable observation to note the correlation between big news stories and market moves.<p>Second, most times markets don't move on big news. In that case, the trend that I've seen for over a decade is for people to simply speculate on why the market moved one way or another for a particular day. It's not science, it's not news -- it's informed speculation, or entertainment.<p>I think serious investors let this type of entertainment roll off of them -- after all, people like to chat, and media forums like the WSJ (or HN) provide them a forum to do so.<p>Separating the noise from the signal is the entire purpose of becoming a good investor. Thinking it's all signal or all noise is a good way to never be one.