http://finance.fortune.cnn.com/2011/12/19/cliff-asness-aqr-hedge-fund/

Benjamin Graham wrote in his book before about this type of investing method.

His view is simple.
Pattern is not hard to be found in data, especially human tends to move in herd, but this is not a long term investing method that you can count for.

Once you have found a pattern and profited from it.
People will start following you and think this is a holy grail to fast money.

You will meet more and more competition and end up buying in higher price and selling in lower price.

It will not be long before the pattern vanishes.