At 11:00 AM Tiger Woods went on TV to apologize for his many affairs, and Wall Street stock trading volume dipped. This means Wall Street traders were taking a break to watch it. When the news conference ended 15 minutes later, the traders suddenly decided to make up for their inaction and do something -- volume spiked.
Wall Street types like to justify their huge bonuses and unfathomable compensation by saying they work hard and work all the time. Here is evidence that many Wall Streeters spend their day watching pop culture spectacles. There was no news value in the Woods press conference; everyone knew what he was going to say -- I'm sorry, I'm sorry, mea maxima culpa.
If this were the President's press conference or a Federal Reserve statement, that would be justifiable. This gives us a window into the kind of culture they really have on Wall Street.
It would be interesting to know what kind of stocks the traders bought in their rush at 11:15, and whether those purchases worked out.
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