Brett Steenbarger at Trading Markets (link)
"The common wisdom--and the common human tendency--to buy when the market is strong and sell when it's weak would have lost a trader a significant amount of money."
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Verily, common wisdom can cost traders, especially new traders who see one or two indicators working well and latch on to them and hold on to them. Markets at some level are ever changing, though at times certain scenarios do repeat.
Another interesting article is Tom McClellan of McClellan oscillator lineage does an analysis of buying and holding for the first day of each calendar month (link). Bottom line, there is an upward bias, how tradeable it is, is not covered.
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