This is almost always the case so this strategy is not really tradable. A simliar strategy would be to use intraday news and trade the ES or a host of other similar vehicles. So for instance, the Fed usually makes announcements around 2pm. If the Fed made an unexpected rate increase the market should go down. The downward move would be played out over a course of minutes to 10s of minutes. Therefore, if you could get in short early you should be able to ride a nice move. This is just one example. There is a host of data that gets released during trading hours that may be usable.