I believe what you are talking about is relative strength/weakness.
http://www.stockcharts.com/education/IndicatorAnalysis/indic_priceRelative.html Technical analysis of stocks suffers because people prefer fundamental analysis which is more easily transmitted as a narrative.Invest in what you know is fundamental analysis but technical analysis is what everybody else in the world knows.
Laws which make CEOs personally responsible for financial reports have ended the days of irrational exuberance.Creative accounting has moved over to mortgages,regulation squeezed one part of the credit bubble which caused another area to bulge.
Financial advisors say you should invest in something you are comfortable with but if that is not something they are selling they have a tantrum.One adviser says conservative investing is like living with mom and the stock market is riskier but more rewarding like moving out.Terry Savage has "chicken money" for the wimps and Suze Ormun gets wimps to invest in the stock market through long term care insurance.
I used to listen to a show on the AM band where people would call in and ask for stock tips.The host had callers with thick accents ask when the bubble stock they invested all their money into would come back,he would give different answers but the callers would all react like children who had just heard that NORAD had shot down Santa.