cnbc used to have him on all the time during the bubble days. i never could see a relationship between what he said and what the market actually did. he used to run a fund based on his information but i dont think it did all that great.
it's one more thing to look at if you trade equities or related products. it's a secular indicator -- big picture stuff. search dgabriel's posts on volume reversal days and chasinfla's short interest stuff from acoupla years ago if you're into that sort of thing.