Norman Fosback’s Stock Market Logic is a classic analysis of numerous factors that drove or correlated with outsized historical market returns. It also made note of a number of popular indicators for which the evidence did not support a relationship. Supported by a large body of evidence and data, it was a survey of macroeconomic, fundamental, and technical factors.
That said, Stock Market Logic comes from a different era, prior to low commissions, high trading volumes, and algorithmic programs. Any attempt to build a trading or investing program based on Fosback’s results should include a review of data from the modern era, which should be much more available than it was when Fosback compiled this impressive work.
While the book may be out of date, The author still offers valuable insights into the way stock markets works and how you can use the techniques he outlined in the book to your advantage.
Overall, a great book if you are interested in the stock markets.