There's a pretty good stock strategy out there that says you should buy stocks at all time highs because the odds of them going higher is greater. Traders and investors say the reason behind its upward momentum is that the stock has entered new territory and the bears don't know where to stop it. A poster boy for this phenomenon is Apple Inc. (AAPL).
Sometimes though this strategy doesn't work, as in the case with ABM Industries (ABM). ABM has retreated off its all time highs in May 2007.
I left wondering, what are the statistics out there that support this strategy? Has they ever been calculated?