Over the next year, I plan to add some new features to make this site more useful for the reader. Today I am adding a new tool, filed above on the navigation menu under “Tools” that helps give a bird’s eye view of which sectors in the economy are up or down over the last trading day. This may help you narrow your focus for companies that have been beaten down unnecessarily. For example, earlier in 2010, you would have seen oil services decline considerably after the Gulf of Mexico oil disaster, but many of the companies in that sector were largely unharmed financially (especially those with little economic exposure to the Gulf).
What I have done is create a Google Spreadsheet that shows ETFs for different sectors and their change for the day. ETFs are great because they slice and dice the economy in as many ways as you can imagine (with new ones coming out weekly), so they are perfect for creating a dashboard.
This is an idea I got from reading Vitaliy Katsenelson’s new book, The Little Book of Sideways Markets: How to Make Money in Markets that Go Nowhere, which I will be reviewing in a few weeks and give you a chance to win!
This is a work in progress, and the first iteration of this tool, so please send me your feedback and suggestions for improving it.