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.