  Context. The international whole earth blazar telescope (WEBT) consortium
planned and carried out three days of intensive micro-variability observations
of S5 0716+714 from February 22, 2009 to February 25, 2009. This object was
chosen due to its bright apparent magnitude range, its high declination, and
its very large duty cycle for micro-variations. Aims. We report here on the
long continuous optical micro-variability light curve of 0716+714 obtained
during the multi-site observing campaign during which the Blazar showed almost
constant variability over a 0.5 magnitude range. The resulting light curve is
presented here for the first time. Observations from participating
observatories were corrected for instrumental differences and combined to
construct the overall smoothed light curve. Methods. Thirty-six observatories
in sixteen countries participated in this continuous monitoring program and
twenty of them submitted data for compilation into a continuous light curve.
The light curve was analyzed using several techniques including Fourier
transform, Wavelet and noise analysis techniques. Those results led us to model
the light curve by attributing the variations to a series of synchrotron
pulses. Results. We have interpreted the observed microvariations in this
extended light curve in terms of a new model consisting of individual
stochastic pulses due to cells in a turbulent jet which are energized by a
passing shock and cool by means of synchrotron emission. We obtained an
excellent fit to the 72-hour light curve with the synchrotron pulse model.
