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This paper focuses on system monitoring and alarm processing and the use of those alarms for economic decision in the nodal electricity market. The task of an Intelligent Economic Alarm Processor (IEAP) is to analyze thousands of alarm messages and extract useful information that explains cause-effect sequences associated with the unexpected contingencies. A graphical Fuzzy Reasoning Petri-nets (FRPN) model that uses fuzzy logic parameters to effectively tackle the uncertainties is built. The economic alarm processor module then processes the fault event signal, analyzes the impact on the market operation activities and different participants, and gives recommendations to optimize the total economic impact under fault scenarios. A contingency-based strategic bidding model concept is proposed to help the market participants take advantages of the latest system operation information and maximize their benefits over the competitors.