I would agree with you, but even nickle stocks follow certain indicators in a somewhat predictable-able fashion. Acc/dist, SAR, Bollies, SRI, MA support, and volume all come to mind.
Nickle stocks are mostly non-reporting and anything can happen on any given day. Thus, they are mostly PR and rumor driven; nonetheless, PRs are leaked through rumors, and rumors stimulate buying and selling. Buy the rumor, sell the news, but watch the charts for indications of direction.