I like the phrase in the original post regarding how markets can change in milliseconds based on the change of events (news)
My position
Definitely a believer of news trading. The size of the movements are mainly what the players in the market are after, but of course one can say that long term investments are the way to go as the key is not how you time the market but how long are you in the market.
My idea would be having both but lacking the art to trade ...