Assasinations like Pakistan' Bhutto, are really news, unlike economic data, which top banks/funds know days before its release.
This comment from crgarcia just made me realize if Chavez were killed I would really want to be there. The news where the big players know what will happen before the information becomes public is harder to trade because it's more rigged against the people who don't know and the people with the most money in the market are behaving orderly and in their own best interest. Yes, reacting to the insiders putting their orders in can be a viable strategy, but it's difficult without knowing what they know in contrast to seeing the inisders panic. When you find news that catches the big players off guard and potentially forces them to make immediate decisions regarding massive stock positions... the crazy panic ecn sell programs come in and trading 101 applies.
It would be politically incorrect for the market to rally. Go long on Pat Robertson. Isn't there a religion index?