i think mine is the simplest type (or call it the laziest type) of reading... charts only, no news, no events consideration (not sure if it adds any edge, e.g. to consider the presidential campaign, fiscal cliff that sort of thing.... I just lazily assume all is priced in lol)
so AAPL is weak, which is dragging down nasdaq, but I only buy QQQ, which sort of mitigate this risk... in other words, the decline of AAPL means more market share for its competitors, many are also other components of the QQQ.
in a broader view, technology is not that bad.... QQQ is due for a breather after such a big run.. and SAP is making new highs.... other areas, big consumers PG, UL, all near new highs... internationally, BRIC is still quite dead, but Australia, Hongkong, Mexico are strong..
seems the bull is still alive (although the bull is a bit old), but hard to imagine it goes bear on a dime.... therefore near term bias is neutral/ trading range/ buy on weakness, lighten up on extension... that type of thing...
nothing is exact science... just gotta trust myself being a better trader than the market as a whole.