I agree, I thought the Expedia news would have made at least a noticeable gain - maybe its still too early and people are still hearing the news? Maybe this is the quiet before the storm brought on by the flood of wall street money that's supposed to enter the market?
The only news I can ever recall having an immediate effect on price was during the regulatory hearings at congress or wherever late last year. It went soaring in seconds as it became clear that it wasn't going to be a total hatefest.
As for all the other news out there, it slowly adds to the critical mass that may eventually wipe out the handful of people who probably control the prices on the exchanges.