Dollars and Jens
Friday, July 09, 2004
It was noted today that the market didn't much respond to reports of "a steady stream of intelligence indicating al-Qaida may seek to mount an attack aimed at disrupting elections". This, of course, is because everybody already knew that. The market price at 11:00 was set based on this concern; when the announcement came out shortly after that, the new market price also reflected it, in exactly the same way.

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