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Hi Sean,
No, my trading approach is much different than that. If I were going to do a momentum analysis I would look at something like: percentage price change over the past 5 trading days divided by percentage volume change in the direction of the trend (Like Granville's On-BalanceVolume).
As another thought, there was a newsletter written by someone called Margo a number of years back. (It may still be around.) It ranked the Fidelity Sector Funds and traded long the top several performing funds. Something along these lines that bought the top funds long if the S&P 500 was above the 50-day MA and shorted the ones at the bottom of the list when the S&P 500 was below the 50-day MA might be worth a look.
A number of years back,I wrote a little program in Excel for a friend that ranked them every week. I was interested in those sectors that make the biggest change in relative position from week-to-week, i.e. went from 29th to 5th. (I don't remember if the comparison was 25, 30, or 40 trading days.) I would then look for the top performing stocks in those sectors with the biggest jump and trade them. It worked well, but we were in a bull market and anything that "buys" in a bull market looks pretty good.
At any rate, hope these ideas are of help.
Regards,
Joe
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