It could be.
For the most part, I think the 'code talk' is a bunch of hogwash. But I do think there are some signals. The auspicious 911 trade I have seen come through before news multiple times. I distinctly remember this because I criticized people, on two separate occasions, for getting excited about a 911 trade. Only for news to be released after hours that day, and I was left saying "well.....damn...."