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Sector vs Stock, scan for negative divergence
Tom Bowley talked about this in this morning's Marketwatchers with respect to understanding a stock's reaction to earnings reports.
He showed a stock (MD - Mednex) that reported earnings as an example: the health care sector in uptrend ($DJUSHP), sector outperforming S&P ($DJUSHP:$SPX) stock is in a downtrend vs it's sector (MD:$DJUSHP), and vs the S&P (MD:$SPX). It's pretty easy to spot the negative divergences on the chart using Price/$SYMBOL:$INDUSTRY, Price/$SYMBOL:$SPX, Price/$INDUSTRY:$SPX and Price/$INDUSTRY Indicators, but I'm wondering if there is a way to build a scan to spot those negative divergences between 1:) $SYMBOL:$INDUSTRY and $INDUSTRY, and 2:) $SYMBOL:$SPX and $INDUSTRY:$SPX
For example, the scan could be useful when run against a chartlist that contains companies that report earnings the next day for example, and could be used for a variety of purposes from trading options to identifying candidates to not hold into earnings, or candidates that may be safe to hold into earnings.
Any thoughts on whether such as scan would be possible would be greatly appreciated.