I follow leading economic indicators quite closely. A few years ago, I created a composite indicator from some of the better non-market indicators. By non-market, I mean indicators that don't rely on the day to day vissitudes of the financial markets. Credit Spreads, the slope of the yield curve, and the stock market are three leading indicators that are market based.
Historically, this indicator has been a fair coincident indicator of stock market strength and is one of the inputs into my macro outlook for Equity Markets.
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