Momentum investing could be one of the better approaches for stocks right now if one believes that the long 9 year bull market is nearing its end. If the bull ride is almost over, then long term buy/hold becomes problematic.
Other strategies like contrarian value (TEVA or GE for example) will require a lot of time and patience, and thus have the same problem as buy/hold.
So with a limited time before the next bear market begins (if that is one's assumption), investors are forced into shorter term trading plays. Momentum stocks have the advantage of already being in strong bull uptrends.
Getting into the hottest sectors that have the most current momentum is not for everyone, but the approach has some advantages right now. The semiconductor sector sold off but is getting hot again, and the FAANGS are still up at/near highs. Even Warren Buffett is big into AAPL, his 2nd largest holding, although he doesn't view it as a short term momentum play. And looking at the longer term charts, AAPL doesn't have the same 'parabolic' look as the other FAANGS.
It doesn't usually end well with momentum stocks, so knowing when to get off the train is key, as the inevitable cliff approaches.