An Indicator Worth Watching?

On Tuesday, I posted a commentary on the website - "Checking Into Citigroup and a Note on the DJIA" - that made the bearish case for Citigroup but also talked about the Dow Jones Industrial Average. I was looking at our new scorecard and noted none of the Dow stocks showed a favorable rating while six of them showed a negative rating.

In my column I said that this "leaves me feeling somewhat dubious about the underlying strength in the DJIA" and yesterday the Dow lost around one percent. As I think more and more about it, I am starting to come around to the idea of this bottom-up approach to get a feel for the top-down.

Ground breaking? No... But it did seem to click like a light bulb so I wanted to capture the thought for further review...