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High speed traders reacted instantly to Fed
The market erupted Wednesday afternoon immediately after the shocking "no taper" news from the Federal Reserve. The reaction was so fast, it left many people wondering how any human could have read and comprehended the Fed statement that quickly. Even though the Fed waited until the third paragraph to say that it was not yet ready to scale back its bond buying program, stocks surged on a big spike in volume within microseconds, or one thousandth of a second of the release. Eric Hunsader, founder of the market research firm Nanex, said he's never seen traders react as quickly to an economic announcement. Such is ... (full story)
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