I am not a big fan of reacting to news but it does effect the market. In this run up, the market has rallied in the face of bad news. Today we got a good ISM and is not being digested positively at least at the moment. ES rallied and failed.
I use news as a way to see the sentiment. The news is a great way to uncover the sentiment. If you need to get things done you will get them done at what you feel is the best price. News days are a great way to get the uninitiated on the wrong side.
The character of the market is changing, leadership is changing where it leads I am not sure.