I agree with what your saying here michinyon!
I use watchlists of stocks that are of some interest to me, segregated into various industry groups and other catogories....{ about 15 lists containing 20-30 stocks each}, and all weighted equally.
The signals from the lists often vary greatly from what the market indicies are signalling, and often provide me with far better insight as to what is REALLY going on!
Works for ME anyway!
I see red I see red I see red!!!!!!!!!!!!!!
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