Market Alert: Futures on Miers's Confirmation Plummeting!

[On the Road]

from Josh Marshall:

I never know what to make of these things. But this morning I got yet another press release from intrade, a company that runs a futures markets on hot political questions, and others, I'm sure, too ...

Miers confirmation contract drops in heavy morning trading
At approximately 8:30 EST this morning traders monitoring the Harriet Miers confirmation process becan selling aggressively contracts betting against her confirmation - probability drops from 62 to 20 in heavy trading.

"The Miers confirmation contract was trading at 92, meaning a 92% probability of confirmation last week. Early this week the contract slid to 64 then this morning with no warning droped to 20 in heavy trading", says Mike Knesevitch Communication Director at Intrade.

http://www.talkingpointsmemo.com/archives/006807.php

from the Intrade Site:

Recent Trading Activity

Harriet Miers to be Confirmed to the Supreme Court by the US Senate

Contract Information

Session lo/hi 11.0 - 45.0 
Life lo/hi 11.0 - 92.5 
Previous Close 62.0 
Open Price 45.0 
Last Price 37.0 
Last Trade Time 05:32 PM, BST 
Today's Volume 668 
Total Volume 7191 
 
http://www.intrade.com/index.jsp?request_operation=trade&request_type=action&selConID=291850

Something just happened here. I don't know what kind of people financially speculate on political events, but they seem to have soured on Miers.