Is “Co-Movement” an indicator?

http://arxiv.org/PS_cache/arxiv/pdf/1102/1102.2620v1.pdf

This study speculates that when the prices move in one direction, as in a momentum-driven market, then there is real danger of a crash. If this is true, then we are royally screwed as the market has everyone moving in the same direction and just waiting for the “tipping point”.