Buying the New Low (and die)

Bella from SMB-Trading talked about the "Buying the New Low" automated trading strategy. She is right it absolutely does not "work". But I also find it disturbing that people assume mathematicians work tirelessly on something this trivial.

A basic recap of the laughable "algorithm":

"
When a stock makes a new intraday low algorithmic programs buy this new low because they know that short term traders will get short. These programs are betting that only light volume will enter the market when a stock makes a new low. They buy the new low, tick higher and force the weaker short term shorts to cover.
"

So some so-called quantitative analysts (with PhD's in math) allegedly came up with it. I highly doubt it. Any newbie hoping to "buy low sell high" could have come up with that. It just seems shocking how any institutional management could take it seriously as mentioned in the article.