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Looking at Joe Granville's classic market-timing book... There's what I call the "Show-and-Tell" method. The Dow Jones Industrial Average is the ultimate headline number; second to that would be the Standard and Poor 500, so these are "show" numbers and are meant to fool you. Meanwhile, other non-headline indices, such as the MASDAQ or Russell 2000 would be the "tell" number that gives away what is REALLY going on.

For example, right now... The DJIA and S&P 500 are near record highs, but the NASDAQ is far off its life-of-bull-market high. Given the disparity, the "tell" here is that a Bear Market approaches, or at least a significant Correction. Suggest you Bulls take some money off the table!
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