My friend Mark has talked about the value of an AI program to scan news releases and trade rapidly off of them.
Naturally I assumed this had been long ago done given all the chatter about computerized trading…
Today, I loaded the Philly Fed release at precisely 10 am and scanned it in about 3 seconds. Then I waited. and waited….
and waited for the news to hit the major blogs and bloomberg, etc.
The market had already plunged on the jobless numbers, but it stayed flat for a full 5 min after the release.
I guess the bots aren’t out there yet…..