I often trade news depending on the size of the company because that sually determines how sensitive it is to fluctuations when new news is put out. I definitely say it is much more probable for news to cause a drop in price during a bear market than a rise in price during a bull market. I also use the news for speculative reasons and exploit it when I can because of others reactions to said news and said stock connected to that news. I trade the reaction to the news rather than the news itself.