Are You a Diggvestor?

According to a man named Richard Peterson, who went to medical school to study Psychiatry for the sole purpose of decoding what happens on Wall Street, it is possible to use social media activity (like that on Digg) to accurately predict market activity.As he puts it, "I was looking for qualitative and emotional explanations for the way the markets move... I looked at the language that was making people buy stocks".In other words: "tracking the mood on Wall Street as it moved."Based on this hunch, Peterson started MarketPsy and developed software that "churns through the daily malestrom of" votes, chats, rants and clicks on blogs and social news sites, weighing each word and looking for telltale signs of "overreaction and underreaction".And here's the fascinating part that could start a finacial phenomenon and open up a new position at every Charles Schwab office across the country... the "Diggvestor".