There's definitely money to be made by being quick to spot trends and execute. I started paying attention to this kind of thing when i heard about the guy who made 120k in a few days by setting up a site and selling shirts when bin Laden was killed.
The nice/bad part is that these events or fads usually violate the commandment of entry. Nice because those who move quickly can make a killing, bad for reasons that have been covered pretty thoroughly in this forum.
Fads and interest in current events fade pretty quickly, so I don't think making money from these things is a sustainable business strategy (unless you do it a few times and then sell the system in the form of books/seminars/etc).
Still, I wouldn't mind having an extra $120k to turbocharge my fastlane plan
