Media a bunch of sheep

What a difference a day makes.

And what a bunch of sheep my peers in the media can be.

Here's how it works:

Step 1: Journalist catches wind of a rumour that Joe Hockey will stab his mate Malcolm Turnbull in the back. And because that's good enough for a change, Tony Abbott pulls himself from the challenge.

Step 2: Journalist number 2 hears the report of said rumour and doesn't want to be seen missing out on the news. Rumour 2 reported as fact in ensuing commentary.

Step 3: Repeat Step 2 until Hockey is a sure thing to win the leadership - almost to the point his own party believes it.

Step 4: Punters are sure they are on a good thing and back Hockey into $1.20, and Abbott out to more than $5 to lead the Liberals to the next election. At no point was there any real evidence aside from media hype to support the move.

Step 5: Liberals go the way they had planned all along and install Abbott to the leadership. Abbott firms to $1.15 to lead the Liberals to the next election and Hockey moves to more than $5 in the market.

Those laughing loudest at the political circus which is now the Liberal Party must surely be the bookmakers.

I also note that the Labor Party has today moved out from $1.15 to $1.20 in the market to win the next election.

I don't get it. If the rumours were so hot yesterday that there was to be a change in Liberal leadership, why didn't the move happen at that point?