This article by ED Carson concludes the answer to be No, but for a long time they seemed to. The best kept secret of the past 20 years has been this: When the Los Angeles Lakers won the NBA championship, the market would almost always fall that year. When the Lakers lost, the market would usually rise. The Laker Indicator only steered investors wrong in three years during the entire span, and not once from 1995-2007.
An investor who put down $1,000 into the Nasdaq at the start of 1987 and stayed fully invested through 2007 would have ended up with $7,604. But an investor who bought the Nasdaq in years the Lakers lost and stayed in cash when the Lakers won would have finished with $21,189.
Playoffs time once again, and we can't afford to stay home and watch NBA. Much to bosses' dismay, there are several ways lowly workers like us could watch basketball discreetly while still managing to get the work done.
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