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Another curious event:
The foreign markets, which were trading overnight our time and closed
before the open in NY, were all up by what seems to me to be extraordinary
amounts, long before the announcement. I don't have the data, but someone
who does might compute the sd of daily price change for these markets and
see if the jumps were all two or more sd's.in size. And of course there
was the S&P big gap open up, in spite of the bad news from Intel.
If anyone is interested, another instance of the markets foreseeing a
dramatic event is described in Heath and Pisani, An Index of Market
Activity, published in the Proceedings of the Sixth National Conference on
Gambling and Risk Taking.
Something is going on that is not explained.
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