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12:05, by Victor Niederhoffer

At 12:05 yesterday the terrible news that a plane had been seen over Washington and that the evacuation of the White House and the Capitol was proceeding was announced. The market dropped from 1164 to 1158 (an eight day low) in three minutes, with about 1000 contracts traded at each price, 1164.00, 1163.75, 1163.50, et al. By 12:09 the price had bounced back to 1162. I must tip my hat to the market mistress's ability to unleash weak longs from their positions.

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