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The Super Bowl Indicator Theory suggests that the stock market will have a positive year if the National Football Conference team, or a team with

The Super Bowl Indicator Theory suggests that the stock market will have a positive year if the National Football Conference team, or a team with an NFC origin, wins. If the American Football Conference team wins, the market will fall. According to the recent news (MarketWatch, 2/6/2017), it has accurately predicted the market's direction for the year following 40 of the 50 Super Bowls since the first super bowl in 1967.

Why do we have such phenomena? Is the finding consistent with market efficiency? Please discuss.

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