If you buy cheap companies and hold into earnings (or news) I think you can make money. If you buy after earnings and expect to profit off of bull market optimism/liquidity intra-quarter, I would be worried that the bull market is over, or at least in temporary decline. If you notice this is how SSK has been making money (i.e. holding into news).
BTW wade you are not alone. See Lsig's latest post or 2 at reminiscencesofastockblogger.com -- The buy-after-news-and-soak-up-bull-market-liquidity strategy has not been working for the last several months
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