…. I stumbled upon a tool that I don’t believe is documented… but is great.
A way to screen using the sectors !
I had to prove to myself it works , so I did a simple exercise … I started with this:
… and the screen returned 438 equities .. nothing exciting but I needed a base.
When I ran it, it added 2 columns labled “sectors”… the first had a value, the second had the sector name … but when I tried again it disappeared … so I figured if it was assigning a value that wasn’t being displayed, so I added the line :
and sector is above 3
*note this causes a “ (!)Potential Filter Error” … but it works !
then I also sorted it, to give the the “hot sectors” on top
so now the screen looked like this :
… an now the screen returned 318 equities !
(reducing the results by 120 equities)
I believe it eliminated the "out of favor" sectors....
Here.s an idea I.ve been experimenting with this week. First, you create a screen that says .industry is semiconductors.. Then you can use a semiconductor ETF such as IGW or the semiconductor HOLDRS SMH, as a proxy for the industry as a whole. The filter would compare the relative strength of each of the semiconductor stocks against the appropriate ETF.
Similarly, you could say .industry is Oil and Gas. and compare the relative strength of these stocks against OIH or XLE. The idea, of course, is to identify the strongest (or weakest) stocks within their industry, by comparing against an industry proxy (the ETF). Some ETF.s have substantial daily volume, and might therefore represent a reasonable approximation of the industry. Others have light daily volume, and probably aren.t a good proxy for their industry.
You can get a list of ETF.s and HOLDRs here ( http://www.amex.com ) and create a watch list with 20-30 ETF.s in order to quickly see which have significant daily volume. So a filter might look like this:
This is an idea still under development. Any thoughts or comments are most welcome.
Have noted that when searching Industry Groups or Sectors by numerical value that those stocks that have have " N/A " listed ( and there are quite few of them) in either category will not show up in the results.
Also the " Apparel/Accessories " which is Industry "0" is also omitted.
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