Buy the news, sell the rumor?

The Trader's Narrative weekly report of sentiment surveys indicate that short-term trader sentiment at a bearish, but not panic, extreme. Institutional investors remain relatively sanguine on the market outlook.

When I consider last Friday's market reaction to the much anticipated the GDP report and the Bernanke speech, along with the sentiment picture, Friday may have marked a short-term low for as the bears have found themselves in a crowded trade as the market began to reverse.

Having sold the rumor (of an ugly GDP report), is it time to tactically buy the news?