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Thank you Andrew for your prompt response. I will try
out your suggestion of using RS against an Index.
Cheers
Sesha
--- Andrew Tomlinson <andrew_tomlinson@xxxxxxxxxxx>
wrote:
>
> IBD use their own customized industry groups, which
> is part of the problem.
> They are also calculating relative strength over the
> last 6 months, not 30
> days.
>
> Calculating Industry relative strength rankings
> seems like it should be
> easy, but it isn't. The first problem is selecting
> the industry groups. You
> need groups that exist as indices as well as folders
> of company names, so
> you can track the behavior of the groups as a whole
> and then drill down. Of
> the comprehensive alternatives, there are the Dow
> Jones groupings for the US
> market - probably the standard, but they are not
> well tuned for tracking
> technology stocks, don't include ADRs and have a
> number of one-stock groups
> - and the Reuters groups that come with MS 9.0 -
> which do include ADRs (like
> IBD) but also a ton of tiny and illiquid stocks,
> which skews the results
> towards small caps and makes filtering mandatory. I
> believe Yahoo uses the
> Reuters selections. I have heard that a number of
> people like to use TC2000
> for this kind of work.
>
> If you don't mind not being comprehensive, you can
> track a variety of the
> indices that are used as the basis for options or
> ETFs (e.g. SOXX, OSX) or
> the ETFs themselves, which will give you volume.
>
> Personally I have ended up with a mishmash of a
> comprehensive system (I
> recently switched to the Reuters data for
> convenience) with other indices
> and ETFs added to it for extra clarity on technology
> sectors.
>
> Another general point is that it is fine to set up
> the screen on the basis
> of ROC over your chosen period. Some like to use RS
> against an index - e.g.
> the S&P 500 - but the ranking will be identical
> (you're dividing every data
> point by the same number) and the formulas more
> complicated. I find RS vs.
> an index more useful as an indicator.
>
> What would be useful would be a way to assign a
> number ranking within
> Explorer, which would make it much easier to track
> changes in an industry's
> relative strength over time.
>
> I hope no-one told you this was going to be easy..
>
> Andrew
>
>
>
>
>
>
> -----Original Message-----
> From: Sesha Shayan Nandyal
> [mailto:s_nandyal@xxxxxxxxx]
> Sent: Tuesday, June 29, 2004 9:30 PM
> To: equis-metastock users
> Subject: [EquisMetaStock Group] How to screen for
> Industry Group Rankings?
>
>
> Hello All,
> I use the Explorer's Equis - Performance Daily /
> Performance Monthly to screen for Industry Group
> Rankings. Infact, I use the 30 days ROC() to select
> the industry/sectors. Is this the right way to
> screen
> for Industry Groups? Unfortunately, these results
> neither tally nor come close to the rankings as
> published by Investors Business Daily!
>
> TIA
> Sesha
>
>
>
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