Yes, "the trend is your friend," or MOMO counts, as traders know (pace EMH).
Several people working for the hedge fund AQR Capital Management have a working paper which looks at trend following strategies over about a century. It finds they're generally very profitable, which is surprising, I guess, if you're an EMH nut and simply can't muster the imagination required to believe that markets contain identifiable momentum.The Physics of Finance
How to consistently beat the market -- follow trends
Mark Buchanan
