What is your definition of tanked? See the picture below .
This is not a moving average crossover strategy, don't know where you got that idea from . But yeh, it is a trend following approach , so market conditions do have large effect .
That's the thing with stocks though , thousands of markets to trade , some aren't totally tied to the overall market and can trend hard even if the indexes are flat .
some great moves this week. Some sectors are trending parabolically. The basis of this method is that, under certain market conditions , it's better to buy into momentum rather than trying to time a reversal or pullback which always seems the more comfortable approach .