      There are degrees in which information is available. On one end of thescale is non-public information, which is illegal to base trading decisionson. On the other end of the spectrum is news that blankets the planet viathe media machine. Within this spectmm lies information that is readilyavailable to anyone who wants it, such as annual reports, lOKs, and lOQs.There is also information, such as real-time news and daily newsletters,that is only available to those who are willing to pay for it. It isbecause of this range of "public-ness" of information that it takesdifferent periods of time for market participants to react to and digestnews.