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The reality is, the "smart money" does NOT trade the direction for this market. The "smart money" trades only in situations where a significant move is probably - and the "smart money" doesn't care which direction that move takes, because they are positioned to make a profit whether the stock falls or goes up mega888 !
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There are, of course, a associated with traders marketplace who are using much cleverer strategies than "Buy and Pray". May use charts and technical analysis and work their trades on moving averages, Fibonacci lines, Bollinger bands and the like. They might go short occasionally to profit from an expected downward move, but the "gambling" element is still there - choose which direction the stock is likely to move in, and take a position on that time frame.