What this guy said:

“It’s just a technical signal that is far better for sound bites and articles than it is for investment purposes,” says Adam Grimes, chief investment officer at Waverly Advisors. “It does come around turning points, but it also just comes at random points in the market – a lot.” …

“If you had shorted the market on each signal, then what we find is that, frankly, like most technical signals, it’s the same as flipping a coin,” says Mr Grimes.

That’s from this entertaining piece by Tracy Alloway and Arash Massoudi.

Related link:
Hindenburg sighted… – FT Alphaville (August 2010)

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